By Sheri Kasprzak
New York, Dec. 16 - The Westchester County Health Care Corp. of New York priced $226.11 million of series 2010 senior-lien revenue bonds (A3/BBB/), according to an official statement released Thursday.
The offering included $37.39 million of series 2010A Build America Bonds, $124.86 million of series 2010B tax-exempt bonds, $31.45 million of series 2010C-1 Build America Bonds and $32.41 million of series 2010C-2 tax-exempt bonds.
The 2010A bonds are due Nov. 1, 2040 and have an 8.572% coupon priced at par.
The 2010B bonds are due 2011 to 2020 with term bonds due 2030 and 2037. The serial coupons range from 4% to 5.125%. The 2030 bonds have a 6% coupon to yield 6.2%. The 2037 bonds have a 6.125% coupon to yield 6.35%.
The 2010C-1 bonds are due Nov. 1, 2040 and have an 8.572% coupon priced at par. The 2010C-2 bonds are due Nov. 1, 2037 and have a 6.125% coupon to yield 6.35%.
Morgan Stanley & Co. Inc. was the senior manager. The co-managers were Bank of America Merrill Lynch; M.R. Beal & Co. Inc.; Citigroup Global Markets Inc.; Raymond James & Associates Inc.; J.P. Morgan Securities LLC; Goldman Sachs & Co.; and Sterne, Agee & Leach Inc.
Proceeds will be used to finance capital projects that require certificates of need from the New York Department of Health, as well as to refund the corporation's outstanding series 2000C-1 bonds.
Based in Valhalla, N.Y., the corporation provides funding for the Westchester County Medical Center.
| Issuer: | Westchester County Health Care Corp.
|
| Issue: | Series 2010 senior-lien revenue bonds
|
| Amount: | $226.11 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Bank of America Merrill Lynch, M.R. Beal & Co. Inc., Citigroup Global Markets Inc., Raymond James & Associates Inc., J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 21
|
|
|
| $37.39 million series 2010A
|
| Amount | Maturity | Type | Coupon | Yield
|
| $37.39 million | Nov. 1, 2040 | Term | 8.572% | 8.572%
|
|
|
| $124.86 million series 2010B
|
| Amount | Maturity | Type | Coupon | Yield
|
| $7.995 million | 2011 | Serial | 4% | 2.30%
|
| $2 million | 2012 | Serial | 4% | 2.77%
|
| $7.1 million | 2012 | Serial | 5% | 2.77%
|
| $9.355 million | 2013 | Serial | 5% | 3.11%
|
| $2 million | 2014 | Serial | 4% | 3.55%
|
| $7.815 million | 2014 | Serial | 5% | 3.55%
|
| $10.215 million | 2015 | Serial | 5% | 3.87%
|
| $350,000 | 2016 | Serial | 4.25% | 4.14%
|
| $10.37 million | 2016 | Serial | 5% | 4.14%
|
| $11.25 million | 2017 | Serial | 5% | 4.51%
|
| $4.25 million | 2018 | Serial | 4.7% | 4.83%
|
| $7.575 million | 2018 | Serial | 5% | 4.83%
|
| $10.995 million | 2019 | Serial | 5% | 5.13%
|
| $10.31 million | 2020 | Serial | 5.125% | 5.37%
|
| $10.235 million | 2030 | Term | 6% | 6.20%
|
| $13.045 million | 2037 | Term | 6.125% | 6.35%
|
|
|
| $31.45 million series 2010C-1
|
| Amount | Maturity | Type | Coupon | Yield
|
| $31.45 million | Nov. 1, 2040 | Term | 8.572% | 8.572%
|
|
|
| $32.41 million series 2010C-2
|
| Amount | Maturity | Type | Coupon | Yield
|
| $32.41 million | Nov. 1, 2037 | Term | 6.125% | 6.35%
|
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