By Cristal Cody
Springdale, Ark., April 23 - Orange Regional Medical Center priced $264.28 million of revenue bonds with a 6.33% true interest cost through the Dormitory Authority of the State of New York on Wednesday, the issuer told Prospect News.
The series 2008 bonds (Ba1//BB+) priced with 5.5% to 6% coupons to yield 5.05% to 5.5% for the serial maturities from 2011 through 2016, said Mark Rufer, senior director of public finance for the authority.
The 2021 term bond priced with a 6.5% coupon to yield 6.05%.
The 2029 term bond priced with a 6.125% coupon to yield 6.3%.
The 2037 term bond priced with a 6.25% coupon to yield 6.35%.
Merrill Lynch & Co. is the senior manager, and co-managers are J.P. Morgan Securities Inc. and Morgan Stanley.
Proceeds will be used to construct a 374-bed replacement hospital in the Town of Wallkill, N.Y.
| Issuer: | Orange Regional Medical Center/Dormitory Authority of the State of New York
|
| Issue: | Revenue bonds
|
| Amount: | $264.28 million
|
| Type: | Negotiated
|
| True interest cost: | 6.33%
|
| Coupons: | 5.5% to 6% serials; terms 6.125% to 6.5%
|
| Yields: | 5.05% to 5.5% serials; terms 6.05% to 6.35%
|
| Maturities: | 2011 to 2016, term bonds due 2021, 2029 and 2037
|
| Underwriter: | Merrill Lynch & Co. (lead)
|
| Ratings: | Moody's: Ba1
|
| Fitch: BB+
|
| Pricing date: | April 23
|
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