Published on 6/29/2012 in the Prospect News Municipals Daily.
New Issue: Providence Health, Wash., prices $612.24 million of revenue bonds
By Sheri Kasprzak
New York, June 29 - The Washington Health Care Facilities Authority sold $612.24 million of series 2012 revenue bonds for Providence Health & Services, according to a pricing sheet.
The deal included $512.24 million of series 2012A bonds and $100 million of series 2012B bonds.
The 2012A bonds are due 2013 to 2034 with term bonds due in 2037, 2040 and 2042. The serial coupons range from 2% to 5%. The 2037 bonds have a 4.25% coupon priced at 98.322 and the 2040 bonds have a 4.25% coupon priced at 97.901. The 2042 bonds have a 5% coupon to yield 4.22%.
The 2012B bonds are due in 2042 and have a split maturity with a 4% coupon priced at 121.571 and a 5% coupon priced at 141.548.
The bonds (Aa2/AA/AA) were sold on a negotiated basis. The senior managers for the 2012A bonds were Bank of America Merrill Lynch and Goldman, Sachs & Co. Bank of America Merrill Lynch was the underwriter for the 2012B bonds.
Proceeds will be used to refund existing revenue bonds.
| Issuer: | Washington Health Care Facilities Authority/Providence Health & Services
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $612.24 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Goldman, Sachs & Co. (lead for 2012A), Bank of America Merrill Lynch (for 2012B)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | June 27
|
| Settlement date: | July 19
|
|
|
| $512.24 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price/Yield
|
| $2,205,000 | 2013 | Serial | 2% | NRO
|
| $5.21 million | 2014 | Serial | 3% | 104.854
|
| $6,105,000 | 2015 | Serial | 4% | 109.191
|
| $8.61 million | 2016 | Serial | 5% | 115.206
|
| $8.75 million | 2017 | Serial | 5% | 116.951
|
| $9.18 million | 2018 | Serial | 5% | 118.047
|
| $9,655,000 | 2019 | Serial | 5% | 118.693
|
| $9,925,000 | 2020 | Serial | 5% | 118.265
|
| $200,000 | 2021 | Serial | 3% | 102.263
|
| $380,000 | 2021 | Serial | 4% | 110.353
|
| $9.88 million | 2021 | Serial | 5% | 118.443
|
| $11,555,000 | 2022 | Serial | 5% | 118.812
|
| $830,000 | 2023 | Serial | 3% | 99.244
|
| $13,245,000 | 2023 | Serial | 5% | 3.08%
|
| $11,755,000 | 2024 | Serial | 5% | 3.32%
|
| $12.53 million | 2025 | Serial | 5% | 3.45%
|
| $13,595,000 | 2026 | Serial | 5% | 3.54%
|
| $15,595,000 | 2027 | Serial | 5% | 3.62%
|
| $9.85 million | 2028 | Serial | 5% | 3.7%
|
| $10.34 million | 2029 | Serial | 5% | 3.77%
|
| $2.1 million | 2031 | Serial | 4% | 98.023
|
| $30.8 million | 2032 | Serial | 5% | 3.98%
|
| $50.75 million | 2033 | Serial | 5% | 4.05%
|
| $66,835,000 | 2034 | Serial | 4% | 4.2%
|
| $24,285,000 | 2037 | Term | 4.25% | 98.322
|
| $66.68 million | 2040 | Term | 4.25% | 97.901
|
| $101,395,000 | 2042 | Term | 5% | 4.22%
|
|
|
| $100 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $25 million | 2042 | Term | 4% | 121.571
|
| $75 million | 2042 | Term | 5% | 141.548
|
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