New Issue: Maryland Health sells $136.31 million of Mercy Medical revenue bonds

By Sheri Kasprzak

New York, Feb. 18 – The Maryland Health and Higher Educational Facilities Authority sold $136.31 million of series 2016A revenue bonds for the Mercy Medical Center, according to a term sheet.

The bonds (Baa2/BBB/) were sold through senior manager Jefferies & Co.

The bonds are due 2032 to 2036 with term bonds due in 2038 and 2042. The serial coupons range from 3.5% to 5% with yields from 3.15% to 3.5%. The 2038 bonds have a 5% coupon priced at 113.648 to yield 3.42%, and the 2042 bonds have a 4% coupon priced at 99.19 to yield 4.05%.

Proceeds will be used to refund the center’s series 2011B, 2013 and 2013B revenue bonds.

Issuer:	Maryland Health and Higher Educational Facilities Authority/Mercy Medical Center
Issue:	Series 2016A revenue bonds
Amount:	$136.31 million
Type:	Negotiated
Underwriters:	Jefferies & Co. (lead), BofA Merrill Lynch and M&T Securities Inc. (co-managers)
Ratings:	Moody’s: Baa2
	Standard & Poor’s: BBB
Pricing date:	Feb. 17
Settlement date:	March 2
Amount	Maturity	Type	Coupon	Price	Yield
$3 million	2032	Serial	3.5%	100	3.50%
$5.9 million	2032	Serial	5%	116.201	3.15%
$9,105,000	2033	Serial	5%	115.723	3.20%
$9.18 million	2034	Serial	5%	115.248	3.25%
$9,955,000	2035	Serial	5%	114.963	3.28%
$10.41 million	2036	Serial	5%	114.68	3.31%
$23,015,000	2038	Term	5%	113.648	3.42%
$65,745,000	2042	Term	4%	99.19	4.05%

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