Published on 6/22/2012 in the Prospect News Municipals Daily.
New Issue: North Carolina Medical Care sells $294.84 million of WakeMed bonds
By Sheri Kasprzak
New York, June 22 - The North Carolina Medical Care Commission priced $294.84 million of series 2012 health care facilities revenue refunding bonds for WakeMed Corp., according to a pricing sheet.
The bonds (A1//AA-) were sold through Citigroup Global Markets Inc. with BB&T Capital Markets, Wells Fargo Securities LLC and Edward D. Jones & Co. LP as co-managers.
The bonds are due 2012 to 2023 with term bonds due in 2027, 2031 and 2038. The serial coupons range from 2% to 5%. The 2027 bonds have a split maturity with a 4% coupon priced at 100.915 and a 5% coupon priced at 111.065. The 2031 bonds have a 4% coupon priced at 98.374 and a 5% coupon priced at 108.317. The 2038 bonds have a split maturity with a 4.125% coupon priced at 96.647 and a 5% coupon priced at 106.415.
Proceeds will be used to refund WakeMed's series 2001 and series 2009A revenue bonds.
| Issuer: | North Carolina Medical Care Commission/WakeMed Corp.
|
| Issue: | Series 2012 health care facilities revenue refunding bonds
|
| Amount: | $294.84 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); BB&T Capital Markets, Wells Fargo Securities LLC and Edward D. Jones & Co. LP (co-managers)
|
| Ratings: | Moody's: A1
|
| Fitch: AA-
|
| Pricing date: | June 21
|
| Settlement date: | July 11
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,635,000 | 2012 | Serial | 2% | NRO
|
| $5,955,000 | 2013 | Serial | 2% | 101.763
|
| $6.09 million | 2014 | Serial | 3% | 104.903
|
| $6,295,000 | 2015 | Serial | 4% | 109.421
|
| $6.57 million | 2016 | Serial | 5% | 115.374
|
| $3.2 million | 2017 | Serial | 4% | 112.136
|
| $3.69 million | 2017 | Serial | 5% | 117.13
|
| $7,215,000 | 2018 | Serial | 5% | 117.915
|
| $6 million | 2019 | Serial | 4% | 111.532
|
| $1,545,000 | 2019 | Serial | 5% | 118.16
|
| $7,855,000 | 2020 | Serial | 5% | 117.659
|
| $1,205,000 | 2021 | Serial | 4% | 108.672
|
| $7.04 million | 2021 | Serial | 5% | 116.705
|
| $8,655,000 | 2022 | Serial | 5% | 116.914
|
| $955,000 | 2023 | Serial | 4% | 106.654
|
| $8,125,000 | 2023 | Serial | 5% | 115.3
|
| $2 million | 2027 | Term | 4% | 100.915
|
| $46.3 million | 2027 | Term | 5% | 111.065
|
| $20 million | 2031 | Term | 4% | 98.347
|
| $62,305,000 | 2031 | Term | 5% | 108.317
|
| $50 million | 2038 | Term | 4.125% | 96.647
|
| $28,205,000 | 2038 | Term | 5% | 106.415
|
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