Published on 4/7/2016 in the Prospect News Municipals Daily.
New Issue: Tarrant County Cultural, Texas, sells $377.09 million Baylor Scott bonds
By Sheri Kasprzak
New York, April 7 – The Tarrant County Cultural Education Facilities Finance Corp. of Texas priced $377,085,000 of series 2016 hospital revenue bonds for Baylor Scott & White Health, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through senior managers Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2016 to 2037 with term bonds due in 2042 and 2045. The serial coupons range from 3% to 5%. The 2042 bonds have a 4% coupon priced at 105.34 and the 2045 bonds have a 5% coupon priced at 117.272.
Proceeds will be used to construct and equip the corporation’s health facilities, including emergency room department improvements at the Baylor All Saints Medical Center in Fort Worth, renovations to the Baylor University Medical Center in Dallas and the construction and equipment of a surgical science center at the Scott & White Memorial Hospital in Temple.
Issuer: | Tarrant County Cultural Education Facilities Finance Corp./Baylor Scott & White Health
|
Issue: | Series 2016 hospital revenue bonds
|
Amount: | $377,085,000
|
Type: | Negotiated
|
Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Estrada Hinojosa & Co. Inc. and Siebert Brandford Shank & Co. (co-managers)
|
Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
Pricing date: | April 6
|
Settlement date: | April 19
|
|
Amount | Maturity | Type | Coupon | Price
|
$3.66 million | 2016 | Serial | 3% | 101.369
|
$4,705,000 | 2017 | Serial | 4% | 105.086
|
$4,885,000 | 2018 | Serial | 4% | 107.997
|
$5.15 million | 2019 | Serial | 5% | 114.002
|
$5.21 million | 2020 | Serial | 5% | 117.197
|
$760,000 | 2021 | Serial | 3% | 108.94
|
$790,000 | 2022 | Serial | 5% | 121.966
|
$830,000 | 2023 | Serial | 4% | 116.585
|
$865,000 | 2024 | Serial | 4% | 117.056
|
$905,000 | 2025 | Serial | 5% | 126.115
|
$950,000 | 2026 | Serial | 5% | 125.891
|
$2.37 million | 2027 | Serial | 5% | 125.273
|
$25,285,000 | 2028 | Serial | 5% | 124.455
|
$30.81 million | 2029 | Serial | 5% | 123.744
|
$9,855,000 | 2030 | Serial | 5% | 123.239
|
$10.61 million | 2031 | Serial | 5% | 122.436
|
$11.32 million | 2032 | Serial | 5% | 121.838
|
$18,395,000 | 2033 | Serial | 3% | 99.053
|
$18,365,000 | 2034 | Serial | 4% | 108.183
|
$15.48 million | 2035 | Serial | 4% | 107.643
|
$15,785,000 | 2036 | Serial | 4% | 107.196
|
$16.15 million | 2037 | Serial | 5% | 119.093
|
$77.82 million | 2042 | Term | 4% | 105.34
|
$96.13 million | 2045 | Term | 5% | 117.272
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.