Published on 3/12/2014 in the Prospect News Municipals Daily.
New Issue: Red River Health, Texas, prices $73.47 million MRC The Crossings bonds
By Sheri Kasprzak
New York, March 12 - The Red River Health Facilities Development Corp. of Texas sold $73,465,000 of series 2014 retirement facility revenue bonds for the MRC The Crossings, according to a pricing sheet.
The deal included $60,465,000 of series 2014A fixed-rate bonds, $7,905,000 of series 2014B-1 tax-exempt mandatory paydown securities, $4.5 million of series 2014B-2 tax-exempt mandatory paydown securities and $595,000 of series 2014C taxable mandatory paydown securities.
The 2014A bonds are due 2024, 2034, 2044 and 2049. The 2024 bonds have a 6.75% coupon priced at par, and the 2034 bonds have a 7.5% coupon priced at 99.467. The 2044 bonds have a 7.75% coupon priced at par, and the 2049 bonds have an 8% coupon priced at 100.873.
The 2014B-1 bonds are due 2020 and have a 6.125% coupon priced at par.
The 2014B-2 bonds are due 2019 and have a 5% coupon priced at par.
The 2014C bonds are due 2019 and have a 6.25% coupon priced at par.
Proceeds will be used to acquire property and construct 116 independent living apartments for the MRC The Crossings retirement community in League City, Texas.
| Issuer: | Red River Health Facilities Development Corp./MRC The Crossings
|
| Issue: | Series 2014 retirement facility revenue bonds
|
| Amount: | $73,465,000
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Capital Inc.
|
| Pricing date: | March 12
|
| Settlement date: | March 27
|
|
|
| $60,465,000 series 2014A fixed-rate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,855,000 | 2024 | Term | 6.75% | 100
|
| $10,715,000 | 2034 | Term | 7.5% | 99.467
|
| $22.33 million | 2044 | Term | 7.75% | 100
|
| $24,565,000 | 2049 | Term | 8% | 100.873
|
|
|
| $7,905,000 series 2014B-1 tax-exempt mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Nov. 15, 2020 | Term | 6.125% | 100
|
|
|
| $4.5 million series 2014B-2 tax-exempt mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Nov. 15, 2019 | Term | 5% | 100
|
|
|
| $595,000 series 2014C taxable mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Nov. 15, 2019 | Term | 6.25% | 100
|
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