Published on 6/8/2011 in the Prospect News Municipals Daily.
New Issue: Baylor Health Care System, Texas, sells $98.87 million of revenue bonds
By Sheri Kasprzak
New York, June 8 - The Tarrant County Cultural Education Facilities Finance Corp. sold Wednesday $98.865 million of series 2011A hospital revenue bonds for Baylor Health Care System, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold through senior managers Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. The co-managers were Estrada Hinojosa & Co. Inc., Rice Financial Products Co. and Siebert Brandford Shank & Co. LLC.
The bonds are due 2012 to 2022 and 2026 to 2030 with 2% to 5% coupons.
Proceeds will be used to construct, equip, acquire and furnish a 95-bed acute care hospital in McKinney, Texas; new operating rooms at the Medical Center in Dallas; the new Samson Cancer Center at the Medical Center in Dallas; and other improvements and additions to Baylor Health Facilities, as well as to refund the health care system's series 2006C bonds.
| Issuer: | Tarrant County Cultural Education Facilities Finance Corp./Baylor Health Care System
|
| Issue: | Series 2011A hospital revenue bonds
|
| Amount: | $98.865 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Estrada Hinojosa & Co. Inc., Rice Financial Products Co. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | June 8
|
| Settlement date: | June 16
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.33 million | 2012 | Serial | 2.5% | 102.47
|
| $1.865 million | 2013 | Serial | 2% | 101.801
|
| $2.785 million | 2014 | Serial | 2% | 101.456
|
| $13.515 million | 2014 | Serial | 5% | 111.391
|
| $1 million | 2015 | Serial | 3% | 104.808
|
| $16.36 million | 2015 | Serial | 5% | 113.245
|
| $2.05 million | 2016 | Serial | 3% | 104.738
|
| $17.265 million | 2016 | Serial | 5% | 114.931
|
| $265,000 | 2017 | Serial | 3% | 102.705
|
| $1.725 million | 2018 | Serial | 4% | 107.288
|
| $150,000 | 2019 | Serial | 3.2% | 99.486
|
| $155,000 | 2020 | Serial | 3.375% | 98.923
|
| $1.78 million | 2021 | Serial | 3.5% | 98.282
|
| $30,000 | 2022 | Serial | 3.8% | 99.265
|
| $75,000 | 2026 | Serial | 4.5% | 99.009
|
| $375,000 | 2027 | Serial | 4.5% | 98.513
|
| $585,000 | 2028 | Serial | 4.625% | 98.876
|
| $800,000 | 2029 | Serial | 4.75% | 99.268
|
| $36.755 million | 2030 | Serial | 5% | 100.56
|
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