Published on 10/28/2015 in the Prospect News Municipals Daily.
New Issue: Marin Healthcare, Calif., prices $170 million general obligation bonds
By Sheri Kasprzak
New York, Oct. 28 – The Marin Healthcare District of California sold $170 million of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $157,385,000 of series 2015A bonds and $12,615,000 of series 2015B taxable bonds.
The 2015A bonds are due 2017 and 2020 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5% with yields from 0.51% to 3.58%. The 2040 bonds have a 4% coupon priced at 101.69 to yield 3.79% and the 2045 bonds have a 4% coupon priced at 101.202 to yield 3.85%.
The 2015B bonds are due Aug. 1, 2016 and have a 0.40% coupon priced at par.
The bonds (Aa2) were sold through senior managers Morgan Stanley & Co. LLC and Stifel, Nicolaus & Co. LLC.
Proceeds will be used to finance capital projects.
| Issuer: | Marin Healthcare District
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $170 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Stifel, Nicolaus & Co. (lead)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 10
|
|
|
| $157,385,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,645,000 | 2017 | Serial | 3% | 104.27 | 0.51%
|
| $190,000 | 2020 | Serial | 2% | 103.897 | 1.15%
|
| $430,000 | 2021 | Serial | 2.5% | 106.143 | 1.38%
|
| $680,000 | 2022 | Serial | 3% | 108.824 | 1.61%
|
| $955,000 | 2023 | Serial | 4% | 115.485 | 1.84%
|
| $1.25 million | 2024 | Serial | 4% | 115.937 | 2.00%
|
| $1.57 million | 2025 | Serial | 4% | 116.249 | 2.14%
|
| $1,915,000 | 2026 | Serial | 5% | 123.208 | 2.32%
|
| $2,295,000 | 2027 | Serial | 5% | 121.943 | 2.45%
|
| $2.71 million | 2028 | Serial | 5% | 120.406 | 2.61%
|
| $3,155,000 | 2029 | Serial | 5% | 119.175 | 2.74%
|
| $3.63 million | 2030 | Serial | 5% | 118.238 | 2.84%
|
| $4,145,000 | 2031 | Serial | 5% | 117.587 | 2.91%
|
| $4,695,000 | 2032 | Serial | 5% | 117.033 | 2.97%
|
| $5,285,000 | 2033 | Serial | 5% | 116.573 | 3.02%
|
| $5,915,000 | 2034 | Serial | 5% | 116.115 | 3.07%
|
| $6.59 million | 2035 | Serial | 4% | 103.419 | 3.58%
|
| $43,625,000 | 2040 | Term | 4% | 101.69 | 3.79%
|
| $65,705,000 | 2045 | Term | 4% | 101.202 | 3.85%
|
|
|
| $12,615,000 series 2015B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Aug. 1, 2016 | Term | 0.40% | 100
|
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