North Carolina Education Authority to sell $1.337 billion in 10 tranches; Lincoln Center sale ahead

By Cristal Cody and Sheri Kasprzak

New York, Sept. 12 - The week wound down with the promise of billions in upcoming sales during the week of Sept. 15, with several offerings ahead from the health-care sector as issuers there clamor for new money.

Among the largest offerings coming up is a $1.337 billion sale of tax-exempt student loan revenue and refunding bonds from the North Carolina State Education Assistance Authority.

The authority plans to price bonds in 10 tranches Wednesday, a source said.

The series 2008-2 bonds will price initially with a weekly interest rate.

The sale includes $309.9 million tranche A1 bonds due 2036, $220.7 million tranche A2 bonds due 2035, $275.945 million tranche A3 bonds due 2034, $200 million tranche A4 bonds due 2035, $30 million tranche A5 bonds due 2027, $60 million tranche A6 bonds due 2031, $51.805 million tranche A7 bonds due 2034, $50.9 million tranche A8 bonds due 2035, $32.695 million tranche A9 bonds due 2038 and $105 million tranche A10 bonds due 2034.

RBC Capital Markets is the senior manager of the negotiated sale.

Proceeds will be used to finance student loans, to refund outstanding bonds and to make deposits to the debt service fund, department reserve fund, operating fund and capitalized interest fund.

Lincoln Center to price $100 million

The Lincoln Center for the Performing Arts expects to price $100 million revenue bonds within the next two weeks, Daniel Rubin, chief financial officer, told Prospect News on Friday.

The series 2008C bonds (A2/A+/) are due 2018 and will be sold through the Trust for Cultural Resources of the City of New York.

Morgan Stanley is the senior manager of the negotiated sale.

Proceeds will be used to pay and reimburse costs for construction and renovations for the West 65th Street and the Lincoln Center Promenade projects and to pay administrative, legal, accounting, financing and other project expenses.

Kansas Development sale ahead

Coming up on Thursday, the Kansas Development Finance Authority is expected to price $63.215 million in series 2008L revenue bonds, said a notice of sale released Friday.

The bonds (Aa2/AA/) will be sold on a competitive basis with Columbia Capital Management as the financial adviser.

The bonds are due 2009 to 2028.

Proceeds will be used to provide the state Department of Administration with funds for the state capitol project, to refund a bond anticipation note, to provide funds to the state Department of Corrections to refund a bond anticipation note and to provide funds for the University of Kansas School of Pharmacy project.

Salem Hospital offering

Salem Hospital in Oregon intends to price $58.685 million revenue bonds the week of Sept. 22, depending on market conditions, a sellside source said Friday.

"We haven't decided on an exact time - it will probably be Tuesday or Wednesday," the sellsider said.

The series 2008A bonds will price through the Hospital Facility Authority of the City of Salem.

Merrill Lynch & Co. is the senior manager of the negotiated sale.

Proceeds will be used to help repay and refund $160.5 million of debt and to reimburse $16.5 million to the hospital for capital additions made to health-care facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.