By Sheri Kasprzak
New York, Feb. 2 - The North Carolina Medical Care Commission priced $169.75 million in series 2009A health care facilities revenue bonds for WakeMed Health Systems, said Heather Monackey, spokeswoman for WakeMed.
The bonds (Aa2//AA-) were sold on Wednesday through lead manager Citigroup Global Markets Inc. The co-managers were BB&T Capital Markets Inc., Edward Jones & Co., Merrill Lynch & Co. and Wachovia Bank.
The bonds are due 2010 to 2019 with term bonds due 2029, 2038 and 2038. The serials have coupons from 3% to 4.25% and yields from 2.4% to 4.37%.
The 2029 bonds have a 5.625% coupon, priced at par and the 2038 bonds have a 5.875% coupon, also priced at par. The second 2038 maturity has a 5.625% coupon to yield 5.875%.
Proceeds will be used to construct hospital buildings and a parking garage, as well as to make a deposit to a debt service reserve fund.
Issuer: | North Carolina Medical Care Commission/WakeMed Health Systems
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Issue: | Series 2009A health care facilities revenue bonds
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Amount: | $169.75 million
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. (lead), BB&T Capital Markets Inc., Edward Jones & Co., Merrill Lynch & Co. and Wachovia Bank (co-managers)
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Ratings: | Moody's: Aa2
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| Fitch: AA-
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Pricing date: | Jan. 28
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Maturity | Type | Coupon | Yield
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2010 | Serial | 3% | 2.40%
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2011 | Serial | 3.5% | 2.66%
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2012 | Serial | 4% | 2.76%
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2013 | Serial | 3% | 3.00%
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2014 | Serial | 3% | 3.24%
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2015 | Serial | 4% | 3.47%
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2016 | Serial | 4% | 3.65%
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2017 | Serial | 4% | 3.91%
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2018 | Serial | 4% | 4.13%
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2019 | Serial | 4.25% | 4.37%
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2029 | Term | 5.625% | 5.625%
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2038 | Term | 5.875% | 5.875%
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2038 | Term | 5.625% | 5.875%
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