By Sheri Kasprzak
New York, Oct. 22 - The North Carolina Medical Care Commission sold on Thursday $264.165 million in series 2010A health care facilities revenue bonds for Novant Health Obligated Group, according to a term sheet released Friday.
The bonds (A1/A+/AA-) were sold through senior manager J.P. Morgan Securities LLC with Bank of America Merrill Lynch and Wells Fargo Securities LLC as the co-senior managers. The co-managers were BB&T Capital Markets Inc., Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc.
The bonds are due 2023 to 2025 with term bonds due 2030, 2035, 2040 and 2043. Serial coupons range from 4% to 4.125%. The 2030 bonds have a split maturity with a 4.375% coupon priced at 97.718 and a 5% coupon priced at 103.581. The 2035 bonds have a 4.625% coupon priced at 97.467. The 2040 bonds also have a split maturity with a 4.75% coupon priced at 97.655 and a 5.25% coupon priced at 103.539. The 2043 bonds have a 4.75% coupon priced at 95.979 and a 5% coupon priced at par.
Proceeds will be used to finance the cost of additional health care facilities.
| Issuer: | North Carolina Medical Care Commission/Novant Health Obligated Group
|
| Issue: | Series 2010A health care facilities revenue bonds
|
| Amount: | $264.165 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); Bank of America Merrill Lynch and Wells Fargo Securities LLC (co-lead managers); BB&T Capital Markets Inc., Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | Oct. 21
|
| Settlement date: | Nov. 3
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.37 million | 2023 | Serial | 4% | 99.498
|
| $1.24 million | 2024 | Serial | 4.1% | 99.683
|
| $3.41 million | 2025 | Serial | 4.125% | 99.061
|
| $9.855 million | 2030 | Term | 4.375% | 97.718
|
| $17.435 million | 2030 | Term | 5% | 103.581
|
| $19.375 million | 2035 | Term | 4.625% | 97.467
|
| $35.315 million | 2040 | Term | 4.75% | 97.655
|
| $28.5 million | 2040 | Term | 5.25% | 103.539
|
| $114.165 million | 2043 | Term | 4.75% | 95.979
|
| $33.5 million | 2043 | Term | 5% | 100
|
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