New Issue: Baylor Health, Texas, sells $168.57 million tax-exempt bonds

By Sheri Kasprzak

New York, April 10 - The Tarrant County Cultural Education Facilities Finance Corp. sold $168,565,000 of series 2013A tax-exempt hospital revenue bonds for the Baylor Health Care System, according to a pricing sheet.

The bonds (/AA-/) were sold through J.P. Morgan Securities LLC and Citigroup Global Markets Inc.

The bonds are due 2030 to 2032 with term bonds due in 2028, 2038 and 2043. The serial coupons range from 3.375% to 5%. The 2028 bonds have a 3.375% coupon priced at 97.918. The 2038 bonds have a 5% coupon priced at 111.292, and the 2043 bonds have a 4% coupon priced at 98.263.

Proceeds will be used to refinance the costs to construct and equip health care facilities for Baylor Health Care System.

Issuer:	Tarrant County Cultural Education Facilities Finance Corp/Baylor Health Care System
Issue:	Series 2013A tax-exempt hospital revenue bonds
Amount:	$168,565,000
Type:	Negotiated
Underwriters:	J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Estrada Hinojosa & Co. Inc., Rice Financial Products Co. and Siebert Brandford Shank & Co. LLC (co-managers)
Rating:	Standard & Poor's: AA-
Pricing date:	April 10
Settlement date:	April 18
Amount	Maturity	Type	Coupon	Price
$3,265,000	2028	Term	3.375%	97.918
$3.25 million	2030	Serial	3.5%	97.683
$6 million	2031	Serial	4%	102.926
$26.42 million	2032	Serial	4%	102.501
$1.58 million	2032	Serial	5%	113.55
$38.49 million	2038	Term	5%	111.292
$89.56 million	2043	Term	4%	98.263

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