Published on 4/22/2015 in the Prospect News Municipals Daily.
New Issue: Rhode Island Health prices $146.33 million of Providence school bonds
By Sheri Kasprzak
New York, April 22 – The Rhode Island Health and Educational Building Corp. sold $146,325,000 of series 2015A revenue refunding bonds for Providence Public Schools, according to a pricing sheet.
The bonds (A1) were sold through senior managers Raymond James/Morgan Keegan and BofA Merrill Lynch.
The bonds are due 2017 to 2028 with 3% to 5% coupons with 0.9% to 3.42% yields.
Proceeds will be used to refund the corporation’s series 2006A, 2007A and 2007C school financing program bonds.
| Issuer: | Rhode Island Health and Educational Building Corp./Providence Public Schools
|
| Issue: | Series 2015A revenue refunding bonds
|
| Amount: | $146,325,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and BofA Merrill Lynch (lead), Oppenheimer & Co. Inc., Roosevelt & Cross Inc. and CastleOak Securities LP (co-managers)
|
| Rating: | Moody’s: A1
|
| Pricing date: | April 22
|
| Settlement date: | May 14
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.63 million | 2017 | Serial | 3% | 104.057 | 0.95%
|
| $11.07 million | 2018 | Serial | 3% | 104.96 | 1.31%
|
| $11,415,000 | 2019 | Serial | 3% | 105.407 | 1.60%
|
| $11,755,000 | 2020 | Serial | 4% | 110.48 | 1.80%
|
| $12.22 million | 2021 | Serial | 4% | 111.14 | 2.02%
|
| $12,705,000 | 2022 | Serial | 4% | 111.211 | 2.26%
|
| $475,000 | 2023 | Serial | 3% | 103.974 | 2.45%
|
| $12,745,000 | 2023 | Serial | 4% | 111.201 | 2.45%
|
| $5 million | 2024 | Serial | 3.5% | 106.603 | 2.67%
|
| $8,735,000 | 2024 | Serial | 4% | 110.58 | 2.67%
|
| $14,265,000 | 2025 | Serial | 5% | 118.693 | 2.84%
|
| $14.98 million | 2026 | Serial | 5% | 117.078 | 3.01%
|
| $3 million | 2027 | Serial | 3.75% | 104.85 | 3.18%
|
| $12.74 million | 2027 | Serial | 5% | 115.953 | 3.13%
|
| $2.3 million | 2028 | Serial | 3.25% | 98.227 | 3.42%
|
| $3.79 million | 2028 | Serial | 4% | 105.485 | 3.35%
|
| $5.5 million | 2028 | Serial | 5% | 114.842 | 3.25%
|
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