Published on 8/20/2015 in the Prospect News Municipals Daily.
New Issue: Arkansas Development sells $62.77 million Baptist Health revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 20 – The Arkansas Development Finance Authority priced $62,765,000 of Baptist Health series 2015 health care revenue refunding bonds, according to a pricing sheet.
The deal included $61.73 million series 2015A tax-exempt bonds and $1,035,000 of series 2015B taxable bonds.
The 2015A bonds are due 2016 to 2031 with 3% to 5% coupons and 0.64% to 3.63% yields.
The 2015B bonds are due 2016 to 2017 with 1% to 1.4% coupons both priced at par.
The bonds (/A+/) were sold through Raymond James/Morgan Keegan, Crews & Associates Inc. and Stephens Inc.
Proceeds will be used to refund the authority’s series 1996B, 2005, 2006 and 2012A revenue bonds.
| Issuer: | Arkansas Development Finance Authority/Baptist Health
|
| Issue: | Series 2015 health care revenue refunding bonds
|
| Amount: | $62,765,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan, Crews & Associates Inc. and Stephens Inc. (lead)
|
| Rating: | Standard & Poor’s: A+
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 15
|
|
|
| $61.73 million series 2015A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,485,000 | 2016 | Serial | 3% | 102.842 | 0.64%
|
| $7,705,000 | 2017 | Serial | 4% | 106.611 | 0.97%
|
| $8,015,000 | 2018 | Serial | 5% | 111.698 | 1.27%
|
| $8.42 million | 2019 | Serial | 5% | 113.79 | 1.60%
|
| $8,835,000 | 2020 | Serial | 5% | 115.469 | 1.87%
|
| $8,985,000 | 2021 | Serial | 5% | 116.295 | 2.18%
|
| $2,045,000 | 2022 | Serial | 5% | 116.83 | 2.44%
|
| $955,000 | 2023 | Serial | 3% | 102.714 | 2.63%
|
| $980,000 | 2024 | Serial | 5% | 117.927 | 2.78%
|
| $1,025,000 | 2025 | Serial | 5% | 118.053 | 2.94%
|
| $1,075,000 | 2026 | Serial | 5% | 117.09 | 3.04%
|
| $1.13 million | 2027 | Serial | 5% | 116.421 | 3.11%
|
| $1,185,000 | 2028 | Serial | 5% | 115.663 | 3.19%
|
| $1.24 million | 2029 | Serial | 5% | 115.098 | 3.25%
|
| $1.3 million | 2030 | Serial | 3.55% | 99.879 | 3.56%
|
| $1.35 million | 2031 | Serial | 3.625% | 99.935 | 3.63%
|
|
|
| $1,035,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $515,000 | 2016 | Serial | 1% | 100
|
| $520,000 | 2017 | Serial | 1.4% | 100
|
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