Published on 2/18/2016 in the Prospect News Municipals Daily.
New Issue: Oregon Health and Science sells $196.13 million revenue bonds
By Sheri Kasprzak
New York, Feb. 18 – The Oregon Health and Science University priced $196.13 million of series 2016B revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA-/AA-) were sold through senior managers J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The bonds are due 2033 to 2039 with term bonds due in 2028 and 2046. The serial coupons range from 3.125% to 5% with yields from 2.8% to 3.55%. The 2028 bonds have a 2.5% coupon priced at 98.012 to yield 2.69%, a 4% coupon priced at 113.699 to yield 2.49% and a 5% coupon priced at 124.114 to yield 2.36%. The 2046 bonds have a 4% coupon priced at 103.427 to yield 3.6%.
Proceeds will be used to finance the construction of a new ambulatory care center and the construction of a new building for the Knight Cancer Research Institute, as well as to refund the university’s series 2009A revenue bonds.
| Issuer: | Oregon Health and Science University
|
| Issue: | Series 2016B revenue bonds
|
| Amount: | $196.13 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead), Barclays and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA-
|
| Pricing date: | Feb. 18
|
| Settlement date: | Feb. 25
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.87 million | 2028 | Term | 2.5% | 98.012 | 2.69%
|
| $2.5 million | 2028 | Term | 4% | 113.699 | 2.49%
|
| $5.63 million | 2028 | Term | 5% | 124.114 | 2.36%
|
| $2.49 million | 2033 | Serial | 3.125% | 98.349 | 3.25%
|
| $14,935,000 | 2033 | Serial | 5% | 119.645 | 2.80%
|
| $18.32 million | 2034 | Serial | 5% | 119.15 | 2.85%
|
| $19,255,000 | 2035 | Serial | 5% | 118.656 | 2.90%
|
| $20.25 million | 2036 | Serial | 5% | 118.362 | 2.93%
|
| $21.29 million | 2037 | Serial | 5% | 117.872 | 2.98%
|
| $10,285,000 | 2038 | Serial | 3.375% | 97.463 | 3.54%
|
| $11,995,000 | 2038 | Serial | 5% | 117.289 | 3.04%
|
| $13.21 million | 2039 | Serial | 3.375% | 97.234 | 3.55%
|
| $10 million | 2039 | Serial | 5% | 117.192 | 3.05%
|
| $44.2 million | 2046 | Term | 4% | 103.427 | 3.60%
|
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