Published on 4/26/2016 in the Prospect News Municipals Daily.
New Issue: Wisconsin HEFA sells $157.8 million Medical College of Wisconsin bonds
By Sheri Kasprzak
New York, April 26 – The Wisconsin Health and Educational Facilities Authority sold $157,805,000 of series 2016 revenue bonds for the Medical College of Wisconsin, according to a pricing sheet. The deal was upsized from $150 million.
The bonds (A1/AA-) were sold through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with yields from 0.67% to 3.39%. The 2041 bonds have a 5% coupon priced at 117.662 to yield 3.02%, and the 2046 bonds have a 4% coupon priced at 104.53 to yield 3.48%.
Proceeds will be used to finance capital improvements for the medical college and refund its series 2008A revenue bonds.
| Issuer: | Wisconsin Health and Educational Facilities Authority/Medical College of Wisconsin
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $157,805,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Loop Capital Markets LLC and Baird & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AA-
|
| Pricing date: | April 22
|
| Settlement date: | May 11
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,025,000 | 2016 | Serial | 2% | 100.736 | 0.67%
|
| $2.23 million | 2017 | Serial | 3% | 103.441 | 0.77%
|
| $2.31 million | 2018 | Serial | 4% | 107.946 | 0.85%
|
| $2,415,000 | 2019 | Serial | 5% | 113.862 | 1.02%
|
| $2,545,000 | 2020 | Serial | 5% | 116.651 | 1.23%
|
| $2,675,000 | 2021 | Serial | 5% | 119.412 | 1.36%
|
| $2.82 million | 2022 | Serial | 5% | 121.564 | 1.53%
|
| $2,885,000 | 2023 | Serial | 5% | 123.145 | 1.72%
|
| $1,485,000 | 2024 | Serial | 5% | 124.371 | 1.90%
|
| $345,000 | 2025 | Serial | 3% | 108.295 | 2.04%
|
| $445,000 | 2025 | Serial | 5% | 125.579 | 2.04%
|
| $1,015,000 | 2026 | Serial | 2% | 98.496 | 2.16%
|
| $1,575,000 | 2027 | Serial | 5% | 125.317 | 2.27%
|
| $1.71 million | 2028 | Serial | 5% | 124.158 | 2.38%
|
| $1.86 million | 2029 | Serial | 5% | 123.427 | 2.45%
|
| $2,025,000 | 2030 | Serial | 5% | 123.011 | 2.49%
|
| $2,185,000 | 2031 | Serial | 5% | 122.391 | 2.55%
|
| $2.35 million | 2032 | Serial | 3% | 98.583 | 3.11%
|
| $2,465,000 | 2033 | Serial | 3% | 97.987 | 3.15%
|
| $11,065,000 | 2034 | Serial | 5% | 120.553 | 2.73%
|
| $11.64 million | 2035 | Serial | 5% | 119.948 | 2.79%
|
| $6.98 million | 2036 | Serial | 3.25% | 97.938 | 3.39%
|
| $40.32 million | 2041 | Term | 5% | 117.662 | 3.02%
|
| $50,435,000 | 2046 | Term | 4% | 104.53 | 3.48%
|
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