Published on 9/11/2014 in the Prospect News Municipals Daily.
New Issue: Palm Beach County Health, Fla., sells $89.57 million BRRH Corp. bonds
By Sheri Kasprzak
New York, Sept. 11 – The Palm Beach County Health Facilities Authority of Florida sold $89.57 million of series 2014 hospital revenue refunding bonds for the BRRH Corp. Obligated Group, said a pricing sheet.
The bonds (/BBB/BBB) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2014 to 2025 with a term bond due in 2031. The serial bonds have 2% to 5% coupons and 0.37% to 3.40% yields. The 2031 bonds have a 4% coupon priced at 99.136 to yield 4.07% and a 5% coupon priced at 110.049 to yield 3.80%.
Proceeds will be used to refund the authority’s series 1999A and 2001 revenue bonds.
| Issuer: | Palm Beach County Health Facilities Authority/BRRH Corp. Obligated Group
|
| Issue: | Series 2014 hospital revenue refunding bonds
|
| Amount: | $89.57 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead) and Morgan Stanley & Co. LLC (co-manager)
|
| Ratings: | Standard & Poor’s: BBB
|
| Fitch: BBB
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 25
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,185,000 | 2014 | Serial | 2% | 100.298 | 0.37%
|
| $4.36 million | 2015 | Serial | 3% | 102.825 | 0.60%
|
| $4.48 million | 2016 | Serial | 3% | 104.485 | 0.92%
|
| $4.62 million | 2017 | Serial | 3% | 105.347 | 1.28%
|
| $4.78 million | 2018 | Serial | 4% | 109.459 | 1.65%
|
| $4,965,000 | 2019 | Serial | 4% | 109.643 | 2.03%
|
| $5,195,000 | 2020 | Serial | 5% | 114.978 | 2.38%
|
| $5.45 million | 2021 | Serial | 5% | 114.431 | 2.77%
|
| $5.72 million | 2022 | Serial | 5% | 114.023 | 3.05%
|
| $6,015,000 | 2023 | Serial | 5% | 113.964 | 3.23%
|
| $4,085,000 | 2024 | Serial | 5% | 114.318 | 3.33%
|
| $4.29 million | 2025 | Serial | 5% | 113.669 | 3.40%
|
| $5 million | 2031 | Term | 4% | 99.136 | 4.07%
|
| $25,425,000 | 2031 | Term | 5% | 110.049 | 3.80%
|
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