Published on 6/12/2012 in the Prospect News Municipals Daily.
New Issue: Montgomery County IDA, Pa., sells $60.09 million Jefferson Health bonds
By Sheri Kasprzak
New York, June 12 - The Montgomery County Industrial Development Authority of Pennsylvania sold $60.09 million of series 2012A health system revenue bonds for Jefferson Health System, said an official statement.
The bonds (Aa3/AA/AA) were sold through J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC.
The bonds are due 2012 to 2022 with term bonds due in 2027 and 2041. The serial coupons range from 2% to 5%. The yields range from 0.20% to 2.81%. The 2027 bonds have a split maturity with a 3.375% coupon to yield 3.58% and a 5% coupon to yield 3.38%. The 2041 bonds have a 5% coupon to yield 4.04%.
Proceeds will be used to finance capital improvements to Main Line Health and renovations to the Lankenau Medical Center.
| Issuer: | Montgomery County Industrial Development Authority/Jefferson Health System
|
| Issue: | Series 2012A health system revenue bonds
|
| Amount: | $60.09 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | June 5
|
| Settlement date: | June 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.6 million | 2012 | Serial | 2% | 100.499 | 0.20%
|
| $1.65 million | 2013 | Serial | 3% | 103.284 | 0.42%
|
| $1.7 million | 2014 | Serial | 3% | 104.839 | 0.85%
|
| $1.8 million | 2015 | Serial | 4% | 109.411 | 1.07%
|
| $1.9 million | 2016 | Serial | 5% | 115.390 | 1.29%
|
| $2.2 million | 2017 | Serial | 4% | 112.152 | 1.59%
|
| $2.2 million | 2018 | Serial | 4% | 112.495 | 1.88%
|
| $1.63 million | 2019 | Serial | 5% | 118.805 | 2.19%
|
| $1,705,000 | 2020 | Serial | 4% | 111.546 | 2.45%
|
| $1,775,000 | 2021 | Serial | 4% | 110.949 | 2.66%
|
| $1.96 million | 2022 | Serial | 5% | 118.605 | 2.81%
|
| $9,485,000 | 2027 | Term | 5% | 113.388 | 3.38%
|
| $2.15 million | 2027 | Term | 3.375% | 97.599 | 3.58%
|
| $28,335,000 | 2041 | Term | 5% | 107.685 | 4.04%
|
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