Published on 1/22/2015 in the Prospect News Municipals Daily.
New Issue: Washington Health sells $267.35 million Seattle Children’s Hospital debt
By Sheri Kasprzak
New York, Jan. 22 – The Washington Health Care Facilities Authority sold $267.35 million of series 2015 revenue bonds for the Seattle Children’s Hospital, said a pricing sheet.
The deal included $100 million of series 2015A bonds and $167.35 million of series 2015B refunding bonds.
The 2015A bonds are due in 2045 with a 4% coupon and a 5% coupon and 3.85% and 3.10% yields, respectively.
The 2015B bonds are due 2016 to 2030 with term bonds due in 2035 and 2038. The serial coupons range from 2% to 5% with 0.41% to 2.67% yields. The 2035 bonds have a 5% coupon and priced at 117.977 to yield 2.94%. The 2038 bonds have a 5% coupon that priced at 117.401 to yield 3.00% and a 5% coupon that priced at 120.813 to yield 3.25%.
The bonds (Aa2//AA) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to construct, equip, renovate and improve health-care facilities operated by the hospital and to refund the authority’s series 2008C and 2009 revenue bonds.
| Issuer: | Washington Health Care Facilities Authority/Seattle Children’s Hospital
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $267.35 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 3
|
|
|
| $100 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $78.5 million | 2045 | Term | 4% | 101.706 | 3.85%
|
| $21.5 million | 2045 | Term | 5% | 116.448 | 3.10%
|
|
|
| $167.35 million series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $35,000 | 2016 | Serial | 2% | 102.629 | 0.41%
|
| $40,000 | 2017 | Serial | 3% | 106.107 | 0.68%
|
| $45,000 | 2018 | Serial | 4% | 111.062 | 0.92%
|
| $50,000 | 2019 | Serial | 4% | 112.945 | 1.14%
|
| $50,000 | 2020 | Serial | 5% | 119.706 | 1.37%
|
| $55,000 | 2021 | Serial | 5% | 121.258 | 1.62%
|
| $55,000 | 2022 | Serial | 5% | 122.802 | 1.80%
|
| $60,000 | 2023 | Serial | 5% | 124.105 | 1.96%
|
| $60,000 | 2024 | Serial | 5% | 125.136 | 2.11%
|
| $65,000 | 2025 | Serial | 5% | 125.161 | 2.22%
|
| $65,000 | 2026 | Serial | 5% | 124.132 | 2.32%
|
| $70,000 | 2027 | Serial | 5% | 122.811 | 2.45%
|
| $70,000 | 2028 | Serial | 5% | 122.307 | 2.50%
|
| $8,475,000 | 2029 | Serial | 5% | 121.108 | 2.62%
|
| $8.9 million | 2030 | Serial | 5% | 120.612 | 2.67%
|
| $10 million | 2035 | Term | 5% | 117.977 | 2.94%
|
| $83.46 million | 2038 | Term | 5% | 117.401 | 3.00%
|
| $55,795,000 | 2038 | Term | 5% | 120.813 | 3.25%
|
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