Published on 5/12/2016 in the Prospect News Municipals Daily.
New Issue: North Carolina Medical sells $169.66 million Duke University Health deal
By Sheri Kasprzak
New York, May 12 – The North Carolina Medical Care Commission sold $169.66 million of series 2016A health care facilities refunding revenue bonds for Duke University Health System, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold through J.P. Morgan Securities LLC.
The bonds are due 2017 to 2029 with 3% to 5% coupons.
Proceeds will be used to refund health system’s series 2009A revenue bonds.
Issuer: | North Carolina Medical Care Commission/Duke University Health System
|
Issue: | Series 2016A health care facilities refunding revenue bonds
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Amount: | $169.66 million
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities LLC (lead), PNC Capital Markets LLC, BofA Merrill Lynch and Jefferies & Co. (co-managers)
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Ratings: | Moody’s: Aa2
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| S&P: AA
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| Fitch: AA
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Pricing date: | May 11
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Settlement date: | May 26
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|
Amount | Maturity | Type | Coupon | Price
|
$12.13 million | 2017 | Serial | 5% | 104.42
|
$2,665,000 | 2018 | Serial | 3% | 104.53
|
$200,000 | 2019 | Serial | 3% | 106.323
|
$9,435,000 | 2019 | Serial | 5% | 112.259
|
$10,055,000 | 2020 | Serial | 5% | 115.87
|
$10.46 million | 2021 | Serial | 5% | 119.082
|
$11,005,000 | 2022 | Serial | 5% | 121.789
|
$11,495,000 | 2023 | Serial | 5% | 123.97
|
$4,625,000 | 2024 | Serial | 4% | 118.396
|
$12 million | 2024 | Serial | 5% | 125.905
|
$16,405,000 | 2025 | Serial | 5% | 127.567
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$1.07 million | 2025 | Serial | 4% | 119.238
|
$18,395,000 | 2026 | Serial | 5% | 128.885
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$19,355,000 | 2027 | Serial | 5% | 129.066
|
$20,365,000 | 2028 | Serial | 5% | 130.404
|
$10 million | 2029 | Serial | 5% | 108.521
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