By Aaron Hochman-Zimmerman
New York, Nov. 24 - Christus Health priced nearly $250 million in revenue refunding bonds through Tarrant County Cultural Education Facilities Funding Corp. and Louisiana Public Financing Authority (Aa2/AAA/), according to an official statement.
JPMorgan Securities Inc. and UBS Financial Services Inc. acted as underwriters for the issue with Ponder & Co. acting as financial advisor.
As part of the Tarrant County offering, $3.75 million of serial bonds were priced at 99.614 with a coupon of 4¼% to yield of 4½%. The bonds mature in 2010.
Also, series 2008A term bonds were sold with maturities on July 1 in 2018, 2027 and 2037.
The $44 million 5¾% bonds due 2018 were priced at 96.423 to yield 6¼%.
The $88 million 6¼% bonds due 2027 were priced at 93.527 to yield 6.85%.
The $61 million 6½% bonds due 2037 were priced at 93.846 to yield 7%.
Series 2008B via the Louisiana Public Financing Authority priced as two term bonds.
The $12 million 5¾% bonds due July 1, 2018 were priced at 96.423 to yield 6¼%.
The $34 million 6½% bond due July 1, 2030 were priced at 95.533 to yield 6.9%.
Both entities will use proceeds from the sale to refinance existing debt.
| Issuer: | Christus Health via Tarrant County Cultural Education Facilities Funding Corp. (series 2008A), Louisiana Public Financing Authority (series B)
|
| Amount: | $250 million
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Underwriters: | JPMorgan, UBS
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
|
|
| Issue/Type: | Amount: | Maturity: | Price: | Coupon: | Yield:
|
| 2008A serial | $3.75 million | July 1, 2010 | 99.614 | 4¼% | 4½% |
|
| 2008A term | $44 million | July 1, 2018 | 96.423 | 5¾% | 6¼% |
|
| 2008A term | $88 million | July 1, 2027 | 93.527 | 6¼% | 6.85%
|
| 2008A term | $61 million | July 1, 2037 | 93.846 | 6½% | 7%
|
|
|
| 2008B term | $12 million | July 1, 2018 | 96.423 | 5¾% | 6¼%
|
| 2008B term | $34 million | July 1, 2030 | 95.533 | 6½% | 6.9%
|
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