By Sheri Kasprzak
New York, April 22 - The Polk County Industrial Development Authority of Florida sold $100 million of series 2014A health system revenue bonds for BayCare Health, according to a pricing sheet.
The deal included $50 million of series 2014A-1 bonds and $50 million of series 2014A-2 bonds.
Both the bonds are due Nov. 15, 2044 and initially bear interest at the Windows rate. The initial mandatory purchase window is 210 days.
The bonds (Aa2//AA) were sold on a negotiated basis with J.P. Morgan Securities LLC as the underwriter for the 2014A-1 bonds and Morgan Stanley & Co. LLC as the underwriter for the 2014A-2 bonds.
Proceeds will be used to finance and reimburse the health system for capital improvements to St. Joseph Hospital in Hillsborough County, Fla., as well as to repay an interim loan used for capital projects at Winter Haven Hospital in Winter Haven, Fla.
| Issuer: | Polk County Industrial Development Authority/BayCare Health
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| Issue: | Series 2014A health system revenue bonds
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| Amount: | $100 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead for 2014A-1); Morgan Stanley & Co. LLC (lead for 2014A-2)
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| Ratings: | Moody's: Aa2
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| Fitch: AA
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| Pricing date: | April 22
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| Settlement date: | May 1
|
|
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| $50 million series 2014A-1 bonds
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| Maturity | Type | Coupon | Price | Initial Purchase Window
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| Nov. 15, 2044 | Term | Windows rate | 100 | 210 days
|
|
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| $50 million series 2014A-2 bonds
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| Maturity | Type | Coupon | Price | Initial Purchase Window
|
| Nov. 15, 2044 | Term | Windows rate | 100 | 210 days
|
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