Published on 6/20/2012 in the Prospect News Municipals Daily.
New Issue: Philadelphia Health brings $311.11 million of Temple University Health revenue bonds
By Sheri Kasprzak
New York, June 20 - The Philadelphia Health and Higher Education Facilities Authority sold $311,105,000 of series 2012 hospital revenue bonds for the Temple University Health System Obligated Group, said a pricing sheet.
The offering includes $219.21 million of series 2012A revenue bonds and $91,895,000 of series 2012B refunding bonds.
The 2012A bonds are due 2036 and 2042. The 2036 bonds have a 5.625% coupon priced at 97.747 and the 2042 bonds have a 5.625% coupon priced at 96.493.
The 2012B bonds are due 2015 to 2018 with a term bond due in 2023. The serial bonds have 5% coupons. The 2023 bonds have a 6.25% coupon priced at 106.832.
The bonds (Ba1/BBB-/BBB-) were sold through Morgan Stanley & Co. LLC and Barclays Capital Inc. The co-manager was PNC Bank, NA.
Proceeds will be used to finance capital projects for the obligated group and to refund existing debt.
| Issuer: | Philadelphia Health and Higher Education Facilities Authority/Temple University Health System Obligated Group
|
| Issue: | Series 2012 hospital revenue bonds
|
| Amount: | $311,105,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Barclays Capital Inc. (lead), PNC Bank, NA
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Pricing date: | June 20
|
| Settlement date: | July 2
|
|
|
| $219.21 million series 2012A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $45,925,000 | 2036 | Term | 5.625% | 97.747
|
| $173,285,000 | 2042 | Term | 5.625% | 96.493
|
|
|
| $91,895,000 series 2012B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.2 million | 2015 | Serial | 5% | 103.871
|
| $8,595,000 | 2016 | Serial | 5% | 104.128
|
| $9,025,000 | 2017 | Serial | 5% | 103.914
|
| $9.47 million | 2018 | Serial | 5% | 102.602
|
| $56,605,000 | 2023 | Term | 6.25% | 106.832
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
