Published on 4/19/2013 in the Prospect News Municipals Daily.
New Issue: Novant Health, N.C., sells $298.77 million revenue and revenue bonds
By Sheri Kasprzak
New York, April 19 - Novant Health Inc. sold $298,765,000 of series 2013 revenue and refunding bonds, according to a pricing sheet.
The offering included $152.4 million of series 2013A revenue and refunding bonds through the North Carolina Medical Care Commission and $146,365,000 of series 2013B revenue and revenue refunding bonds through the Prince William County Industrial Development Authority.
The series 2013A bonds are due 2014 to 2026 with term bonds due in 2038 and 2046. The serial coupons range from 3% to 5%. The 2038 bonds have a 5% coupon priced at 110.317. The 2046 bonds have a split maturity with a 4% coupon priced at 97.475 and a 5% coupon priced at 109.897.
The 2013B bonds are due 2014 to 2028 with term bonds due in 2033 and 2046. The serial coupons range from 2% to 5%. The 2033 bonds have a 4% coupon priced at 101.34. The 2046 bonds have a split maturity with a 4% coupon priced at 97.475 and a 5% coupon priced at 109.897.
The bonds (A1/A+/AA-) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to finance the cost of additional health-care facilities, to refund certain bonds and to refinance debt.
Issuer: | Novant Health Inc.
|
Issue: | Series 2013 revenue and refunding bonds
|
Amount: | $298,765,000
|
Type: | Negotiated
|
Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, BB&T Capital Markets and Wells Fargo Securities LLC (co-managers)
|
Ratings: | Moody's: A1
|
Standard & Poor's: A+
|
| Fitch: AA-
|
Pricing date: | April 18
|
Settlement date: | May 7
|
|
$152.4 million series 2013A revenue and refunding bonds through North Carolina Medical Care Commission
|
Amount | Maturity | Type | Coupon | Price
|
$4.44 million | 2014 | Serial | 3% | 103.811
|
$5.22 million | 2015 | Serial | 4% | 108.29
|
$5.68 million | 2016 | Serial | 4% | 110.752
|
$3,955,000 | 2017 | Serial | 4% | 112.558
|
$4,135,000 | 2018 | Serial | 4% | 113.676
|
$4.32 million | 2019 | Serial | 4% | 114.458
|
$4,515,000 | 2020 | Serial | 4% | 114.284
|
$925,000 | 2021 | Serial | 4% | 114.026
|
$2,635,000 | 2022 | Serial | 5% | 121.934
|
$2,755,000 | 2023 | Serial | 5% | 120.242
|
$2,895,000 | 2024 | Serial | 5% | 118.761
|
$3,035,000 | 2025 | Serial | 5% | 117.664
|
$2,625,000 | 2026 | Serial | 3.125% | 98.214
|
$7.89 million | 2038 | Term | 5% | 110.317
|
$59,625,000 | 2046 | Term | 4% | 97.475
|
$37.75 million | 2046 | Term | 5% | 109.897
|
|
$146,365,000 series 2013B revenue and revenue refunding bonds through Prince William County Industrial Development Authority
|
Amount | Maturity | Type | Coupon | Price
|
$1.06 million | 2014 | Serial | 2% | 102.333
|
$1.18 million | 2015 | Serial | 3% | 105.83
|
$1.22 million | 2016 | Serial | 3% | 107.328
|
$1.26 million | 2017 | Serial | 3% | 108.198
|
$1,295,000 | 2018 | Serial | 3% | 108.416
|
$600,000 | 2019 | Serial | 3% | 108.332
|
$725,000 | 2019 | Serial | 4% | 114.458
|
$2,665,000 | 2020 | Serial | 4% | 114.284
|
$2.77 million | 2021 | Serial | 4% | 114.026
|
$2,875,000 | 2022 | Serial | 4% | 113.498
|
$2.86 million | 2023 | Serial | 4% | 111.877
|
$3,095,000 | 2024 | Serial | 5% | 118.761
|
$3.24 million | 2025 | Serial | 5% | 117.664
|
$3,305,000 | 2026 | Serial | 5% | 116.49
|
$3,565,000 | 2027 | Serial | 3.25% | 97.734
|
$3,675,000 | 2028 | Serial | 3.375% | 98.045
|
$20,445,000 | 2033 | Term | 4% | 101.34
|
$43.03 million | 2046 | Term | 4% | 97.475
|
$47.5 million | 2046 | Term | 5% | 109.897
|
© 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.