By Sheri Kasprzak
New York, Aug. 13 – The Philadelphia Authority for Industrial Development sold $189,695,000 of series 2014A hospital revenue bonds for the Children’s Hospital of Philadelphia, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The bonds are due in 2042 and 2044. The 2042 bonds have a 5% coupon priced at 111.933, and the 2044 bonds have a 4% coupon priced at 98.792.
Proceeds will be used to construct a new ambulatory care center, an underground parking garage and other campus improvements and renovations.
| Issuer: | Philadelphia Authority for Industrial Development/Children’s Hospital of Philadelphia
|
| Issue: | Series 2014A hospital revenue bonds
|
| Amount: | $189,695,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Aug. 13
|
| Settlement date: | Sept. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $89,695,000 | 2042 | Term | 5% | 111.933
|
| $100 million | 2044 | Term | 4% | 98.792
|
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