Published on 1/15/2016 in the Prospect News Municipals Daily.
New Issue: Tallahassee details $250 million of Tallahassee Memorial revenue bonds
By Sheri Kasprzak
New York, Jan. 15 – The City of Tallahassee, Fla., sold $250 million of series 2016 health facilities revenue bonds for Tallahassee Memorial Healthcare Inc., according to a term sheet released by the city.
The bonds (Baa1) were sold through BofA Merrill Lynch.
The deal included $150 million of series 2016A bonds and $100 million of series 2016B bonds.
The 2015A bonds are due 2016 to 2029 with term bonds due in 2036, 2041, 2046 and 2055. The serial bonds have 5% coupons and 0.93% to 3.1% yields. The 2036 bonds have a 5% coupon priced at 112.824 to yield 3.45%, the 2041 bonds have a 5% coupon priced at 111.324 to yield 3.62% and the 2046 bonds have a 4% coupon priced at par. The 2055 bonds have a 5% coupon priced at 107.888 to yield 4.02%.
The 2016B bonds are due Dec. 1, 2051 and have a 5.25% coupon priced at 107.017.
Proceeds will be used to finance or refinance the construction, acquisition, improvement and renovation of a new hospital tower and a surgical center.
| Issuer: | Tallahassee, Fla./Tallahassee Memorial Healthcare Inc.
|
| Issue: | Series 2016 health facilities revenue bonds
|
| Amount: | $250 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch (lead)
|
| Rating: | Moody’s: Baa1
|
| Pricing date: | Jan. 8
|
| Settlement date: | Feb. 2
|
|
|
| $150 million series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.52 million | 2016 | Serial | 5% | 103.358 | 0.93%
|
| $2,605,000 | 2017 | Serial | 5% | 106.651 | 1.31%
|
| $2,695,000 | 2018 | Serial | 5% | 109.603 | 1.52%
|
| $2,785,000 | 2019 | Serial | 5% | 112.343 | 1.66%
|
| $2.88 million | 2020 | Serial | 5% | 114.539 | 1.84%
|
| $2.98 million | 2021 | Serial | 5% | 116.49 | 1.99%
|
| $3,085,000 | 2022 | Serial | 5% | 117.803 | 2.18%
|
| $3.19 million | 2023 | Serial | 5% | 118.692 | 2.37%
|
| $3,305,000 | 2024 | Serial | 5% | 119.084 | 2.57%
|
| $3.42 million | 2025 | Serial | 5% | 119.357 | 2.74%
|
| $3.54 million | 2026 | Serial | 5% | 118.128 | 2.87%
|
| $3.05 million | 2027 | Serial | 5% | 117.379 | 2.95%
|
| $3,825,000 | 2028 | Serial | 5% | 116.636 | 3.03%
|
| $3.96 million | 2029 | Serial | 5% | 115.99 | 3.10%
|
| $5.53 million | 2036 | Term | 5% | 112.824 | 3.45%
|
| $9.3 million | 2041 | Term | 5% | 111.324 | 3.62%
|
| $8,015,000 | 2046 | Term | 4% | 100 | 4.00%
|
| $83,315,000 | 2055 | Term | 5% | 107.888 | 4.02%
|
|
|
| $100 million series 2016B bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2051 | Term | 5.25% | 107.017
|
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