Published on 12/21/2015 in the Prospect News Municipals Daily.
New Issue: Montgomery Medical, Ala., sells $84.2 million Jackson Hospital bonds
By Sheri Kasprzak
New York, Dec. 21 – The Montgomery Medical Clinic Board of Alabama sold $84,195,000 of series 2015 health care facilities revenue bonds for the Jackson Hospital and Clinic, according to a pricing sheet.
The bonds (Baa2/BBB) were sold through the Frazier Lanier Co. Inc.
The bonds are due 2016 to 2030 with term bonds due in 2033 and 2036. The serial bonds have 5% coupons with 0.85% to 3.62% yields. The 2033 bonds have a 5% coupon priced at 110.717 to yield 3.72%. The 2036 bonds have a 4% coupon priced at 98.23 to yield 4.13% and a 5% coupon priced at 109.391 to yield 3.87%.
Proceeds will be used to finance capital expenditures for the health care facilities, as well as to refund the board’s series 2006 revenue bonds.
| Issuer: | Montgomery Medical Clinic Board/Jackson Hospital and Clinic
|
| Issue: | Series 2015 health care facilities revenue bonds
|
| Amount: | $84,195,000
|
| Type: | Negotiated
|
| Underwriters: | The Frazier Lanier Co. Inc. (lead), BofA Merrill Lynch, Barclays, George K. Baum & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Pricing date: | Dec. 16
|
| Settlement date: | Jan. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $220,000 | 2016 | Serial | 5% | 100.539 | 0.85%
|
| $2,505,000 | 2017 | Serial | 5% | 103.987 | 1.43%
|
| $2,635,000 | 2018 | Serial | 5% | 106.7 | 1.78%
|
| $2.77 million | 2019 | Serial | 5% | 109.089 | 1.99%
|
| $2,915,000 | 2020 | Serial | 5% | 111.037 | 2.19%
|
| $3,065,000 | 2021 | Serial | 5% | 112.477 | 2.40%
|
| $3,215,000 | 2022 | Serial | 5% | 113.395 | 2.62%
|
| $3.38 million | 2023 | Serial | 5% | 113.919 | 2.83%
|
| $3,555,000 | 2024 | Serial | 5% | 114.253 | 3.01%
|
| $3,735,000 | 2025 | Serial | 5% | 114.576 | 3.15%
|
| $3,925,000 | 2026 | Serial | 5% | 114.534 | 3.30%
|
| $4.13 million | 2027 | Serial | 5% | 113.795 | 3.38%
|
| $4.35 million | 2028 | Serial | 5% | 113.061 | 3.46%
|
| $4.57 million | 2029 | Serial | 5% | 112.062 | 3.57%
|
| $4,805,000 | 2030 | Serial | 5% | 111.612 | 3.62%
|
| $15,955,000 | 2033 | Term | 5% | 110.717 | 3.72%
|
| $8,465,000 | 2036 | Term | 4% | 98.23 | 4.13%
|
| $10 million | 2036 | Term | 5% | 109.391 | 3.87%
|
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