Published on 9/25/2013 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Economic Development sells $125 million UPMC revenue bonds
By Sheri Kasprzak
New York, Sept. 25 - The Pennsylvania Economic Development Financing Authority sold $125 million of series 2013A revenue bonds for the University of Pittsburgh Medical Center, according to a pricing sheet.
The bonds (Aa3/A+/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2014 to 2028 with term bonds due in 2033, 2038 and 2043. The serial coupons range from 1.25% to 5% and yields range from 0.19% to 4.37%. The 2033 bonds have a 5% coupon priced at 101.377 to yield 4.82% and the 2038 bonds have a 5% coupon priced at 99.71 to yield 5.02%. The 2043 bonds have a 5% coupon priced at 98.923 to yield 5.07%.
Proceeds will be used to construct capital projects for the medical center.
| Issuer: | Pennsylvania Economic Development Financing Authority/University of Pittsburgh Medical Center
|
| Issue: | Series 2013A revenue bonds
|
| Amount: | $125 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), RBC Capital Markets LLC, BofA Merrill Lynch, BNY Capital Markets LLC and Huntington Investment Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.1 million | 2014 | Serial | 1.25% | 100.773 | 0.19%
|
| $2,135,000 | 2015 | Serial | 2% | 102.476 | 0.56%
|
| $2.19 million | 2016 | Serial | 3% | 105.428 | 0.98%
|
| $2,255,000 | 2017 | Serial | 3% | 105.869 | 1.38%
|
| $1,305,000 | 2018 | Serial | 3% | 104.952 | 1.90%
|
| $1.03 million | 2018 | Serial | 5% | 113.958 | 1.90%
|
| $2,415,000 | 2019 | Serial | 3% | 103.518 | 2.34%
|
| $725,000 | 2020 | Serial | 3% | 101.894 | 2.69%
|
| $1.78 million | 2020 | Serial | 5% | 114.13 | 2.69%
|
| $1,305,000 | 2021 | Serial | 3% | 99.723 | 3.04%
|
| $1.31 million | 2021 | Serial | 5% | 113.408 | 3.04%
|
| $705,000 | 2022 | Serial | 3.25% | 99.469 | 3.32%
|
| $2,025,000 | 2022 | Serial | 5% | 112.637 | 3.32%
|
| $2,865,000 | 2023 | Serial | 5% | 111.924 | 3.54%
|
| $3.01 million | 2024 | Serial | 5% | 110.278 | 3.73%
|
| $3,165,000 | 2025 | Serial | 5% | 108.492 | 3.94%
|
| $3,325,000 | 2026 | Serial | 5% | 107.072 | 4.11%
|
| $3,495,000 | 2027 | Serial | 5% | 106.001 | 4.24%
|
| $3,675,000 | 2028 | Serial | 5% | 104.943 | 4.37%
|
| $21,405,000 | 2033 | Term | 5% | 101.377 | 4.82%
|
| $27,485,000 | 2038 | Term | 5% | 99.71 | 5.02%
|
| $35,295,000 | 2043 | Term | 5% | 98.923 | 5.07%
|
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