Published on 5/24/2012 in the Prospect News Municipals Daily.
New Issue: Washington Health Care brings $74.39 million of Seattle Children's Hospital bonds
By Sheri Kasprzak
New York, May 24 - The Washington Health Care Facilities Authority sold $74.39 million of series 2012 revenue bonds for the Seattle Children's Hospital, said a term sheet.
The deal included $46,335,000 of series 2012A bonds and $28,055,000 of series 2012B bonds.
The 2012A bonds are due Oct. 1, 2042, have a 5% coupon and priced at 107.917. The 2012B bonds are due 2013 to 2027 with term bonds due in 2030 and 2034. The serial coupons range from 3% to 5%. The 2030 bonds have a 5% coupon and priced at 111.844. The 2034 bonds have a 4% coupon and priced at 98.
The bonds (Aa3//AA) were sold through Goldman Sachs & Co. The co-managers were J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
Proceeds will be used to acquire, construct, equip and renovate Seattle Children's Hospital facilities and refund the authority's series 2009 revenue bonds sold for the hospital.
| Issuer: | Washington Health Care Facilities Authority/Seattle Children's Hospital
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $74.39 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA
|
| Pricing date: | May 24
|
| Settlement date: | June 20
|
|
|
| $46,335,000 series 2012A bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2042 | Term | 5% | 107.917
|
|
|
| $28,055,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $40,000 | 2013 | Serial | 3% | 102.861
|
| $40,000 | 2014 | Serial | 3% | 104.381
|
| $40,000 | 2015 | Serial | 3% | 105.606
|
| $40,000 | 2016 | Serial | 4% | 110.544
|
| $45,000 | 2017 | Serial | 4% | 111.567
|
| $45,000 | 2018 | Serial | 4% | 112.312
|
| $45,000 | 2019 | Serial | 4% | 112.619
|
| $1.15 million | 2020 | Serial | 5% | 119.499
|
| $1,215,000 | 2021 | Serial | 5% | 119.764
|
| $1.29 million | 2022 | Serial | 5% | 120.025
|
| $1.25 million | 2023 | Serial | 5% | 118.353
|
| $1,305,000 | 2024 | Serial | 5% | 116.996
|
| $1.32 million | 2025 | Serial | 5% | 115.753
|
| $1.39 million | 2026 | Serial | 5% | 115.185
|
| $1,445,000 | 2027 | Serial | 5% | 114.432
|
| $6,395,000 | 2030 | Term | 5% | 111.844
|
| $11 million | 2034 | Term | 4% | 98
|
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