Published on 2/13/2013 in the Prospect News Municipals Daily.
New Issue: Monroe County Industrial Development prices $102.08 million Rochester General bonds
By Sheri Kasprzak
New York, Feb. 13 - The Monroe County Industrial Development Corp. of New York sold $102.08 million of series 2013 revenue bonds for the Rochester General Hospital, according to a pricing sheet.
The deal included $55.79 million of series 2013A bonds and $46.29 million of series 2013B bonds.
The 2013A bonds are due 2022 to 2028 with term bonds due in 2032, 2037 and 2042. The serial coupons rage from 4% to 5%. The 2032 bonds have a 5% coupon priced at 113.191, and the 2037 bonds have a 5% coupon priced at 111.257. The 2042 bonds have a 5% coupon priced at 110.305.
The 2013B bonds are due 2013 to 2028 with term bonds due in 2032 and 2035. The serial coupons range from 1.5% to 4%. The 2032 bonds have a 3.6% coupon priced at 98.602, and the 2035 bonds have a 3.75% coupon priced at 98.339.
The bonds (/A-/) were sold through J.P. Morgan Securities LLC and BofA Merrill Lynch.
Proceeds will be used to modernize the hospital's perioperative facilities, construct and equip an imaging suite, expand the oncology facilities, construct a dialysis facility and make other capital improvements at the hospital's Rochester campus.
| Issuer: | Monroe County Industrial Development Corp./Rochester General Hospital
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $102.08 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead), KeyBanc Capital Markets LLC and M&T Securities Inc. (co-managers)
|
| Ratings: | Standard & Poor's: A-
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 27
|
|
|
| $55.79 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,035,000 | 2022 | Serial | 4% | 110.724
|
| $1,065,000 | 2023 | Serial | 4% | 109.556
|
| $1,115,000 | 2024 | Serial | 4% | 108.845
|
| $1,155,000 | 2025 | Serial | 4% | 108.139
|
| $1.2 million | 2026 | Serial | 5% | 116.167
|
| $1.26 million | 2027 | Serial | 5% | 115.619
|
| $1.32 million | 2028 | Serial | 5% | 114.712
|
| $5,995,000 | 2032 | Term | 5% | 113.191
|
| $14.47 million | 2037 | Term | 5% | 111.257
|
| $27,175,000 | 2042 | Term | 5% | 110.305
|
|
|
| $46.29 million series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.13 million | 2013 | Serial | 1.5% | 100.796
|
| $3.72 million | 2014 | Serial | 3% | 104.018
|
| $3,055,000 | 2015 | Serial | 3% | 105.376
|
| $1.23 million | 2016 | Serial | 4% | 109.877
|
| $1.28 million | 2017 | Serial | 4% | 111.152
|
| $1,335,000 | 2018 | Serial | 4% | 112.102
|
| $1,385,000 | 2019 | Serial | 4% | 112.25
|
| $1.44 million | 2020 | Serial | 4% | 111.49
|
| $1,495,000 | 2021 | Serial | 4% | 111.234
|
| $1.55 million | 2022 | Serial | 4% | 110.724
|
| $700,000 | 2023 | Serial | 3% | 100.672
|
| $920,000 | 2023 | Serial | 4% | 109.556
|
| $650,000 | 2024 | Serial | 3% | 99.506
|
| $1,015,000 | 2024 | Serial | 4% | 108.845
|
| $1,715,000 | 2025 | Serial | 3% | 98.121
|
| $1.77 million | 2026 | Serial | 3.125% | 98.182
|
| $1,825,000 | 2027 | Serial | 3.25% | 98.152
|
| $1,885,000 | 2028 | Serial | 3.25% | 97.224
|
| $8.21 million | 2032 | Term | 3.6% | 98.602
|
| $6.98 million | 2035 | Term | 3.75% | 98.339
|
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