Published on 12/17/2014 in the Prospect News Municipals Daily.
New Issue: Arkansas Development prices $107.75 million Washington Regional bonds
By Sheri Kasprzak
New York, Dec. 17 – The Arkansas Development Finance Authority sold $107.75 million of series 2015 hospital revenue bonds for the Washington Regional Medical Center, said a pricing sheet.
The deal included $29.93 million of series 2015A construction bonds and $77.82 million of series 2015B refunding bonds.
The 2015A bonds are due 2033, 2035 and 2038. The 2033 bonds have a 5% coupon priced at 110.733 to yield 3.71%, and the 2035 bonds have a 5% coupon priced at 109.852 to yield 3.81%. The 2038 bonds have a 4% coupon priced at 96.919 to yield 4.21%.
The 2015B bonds are due 2016 to 2030 with term bonds due in 2033 and 2035. The serial coupons range from 3% to 5% with 1.09% to 3.75% yields. The 2033 bonds have a 5% coupon priced at 110.733 to yield 3.71%, and the 2035 bonds have a 5% coupon priced at 109.852 to yield 3.81%.
The bonds (Baa1) were sold through Crews & Associates.
Proceeds will be used to finance construction, equipment and acquisition of health-care facilities for Washington Regional Medical Center as well as to refund the authority’s series 2005A-B revenue bonds.
| Issuer: | Arkansas Development Finance Authority/Washington Regional Medical Center
|
| Issue: | Series 2015 hospital revenue bonds
|
| Amount: | $107.75 million
|
| Type: | Negotiated
|
| Underwriter: | Crews & Associates (lead)
|
| Rating: | Moody’s: Baa1
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 15
|
|
|
| $29.93 million series 2015A construction bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.18 million | 2033 | Term | 5% | 110.733 | 3.71%
|
| $3,955,000 | 2035 | Term | 5% | 109.852 | 3.81%
|
| $20,795,000 | 2038 | Term | 4% | 96.919 | 4.21%
|
|
|
| $77.82 million series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,815,000 | 2016 | Serial | 3% | 101.977 | 1.09%
|
| $2,895,000 | 2017 | Serial | 3% | 103.274 | 1.37%
|
| $2.98 million | 2018 | Serial | 3% | 103.81 | 1.71%
|
| $3.06 million | 2019 | Serial | 3% | 103.668 | 2.05%
|
| $3,195,000 | 2020 | Serial | 5% | 111.276 | 2.6%
|
| $3,345,000 | 2021 | Serial | 5% | 112.094 | 2.81%
|
| $3,515,000 | 2022 | Serial | 5% | 112.816 | 2.97%
|
| $3,685,000 | 2023 | Serial | 5% | 113.816 | 3.05%
|
| $3,865,000 | 2024 | Serial | 5% | 114.544 | 3.14%
|
| $4,065,000 | 2025 | Serial | 5% | 114.708 | 3.27%
|
| $4,265,000 | 2026 | Serial | 5% | 113.881 | 3.36%
|
| $4.47 million | 2027 | Serial | 5% | 113.334 | 3.42%
|
| $4,695,000 | 2028 | Serial | 5% | 112.699 | 3.49%
|
| $4.89 million | 2029 | Serial | 3.5% | 97.288 | 3.75%
|
| $5,095,000 | 2030 | Serial | 5% | 111.8 | 3.59%
|
| $11.98 million | 2033 | Term | 5% | 110.733 | 3.71%
|
| $9,005,000 | 2035 | Term | 5% | 109.852 | 3.81%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
