By Sheri Kasprzak
New York, Aug. 17 - The Maryland Health and Higher Educational Facilities Authority priced $57.205 million of series 2011A revenue bonds for Adventist Health Care, according to a pricing sheet.
The bonds (Baa2) were sold on a negotiated basis with Ziegler Capital Markets Inc. and M&T Securities Inc. as the senior managers.
The bonds are due 2022 to 2023 with term bonds due in 2026, 2031 and 2036. The serial coupons range from 5% to 5.5%. The 2026 bonds have a 6% coupon priced at 102.702, and the 2031 bonds have a 6.25% coupon priced at 101.894. The 2036 bonds have a 6.125% coupon priced at 98.43.
Proceeds will be used to refund existing debt and make a deposit to a debt service reserve.
| Issuer: | Maryland Health and Higher Educational Facilities Authority/Adventist Health Care
|
| Issue: | Series 2011A revenue bonds
|
| Amount: | $57.205 million
|
| Type: | Negotiated
|
| Underwriters: | Ziegler Capital Markets Inc. and M&T Securities Inc. (lead)
|
| Rating: | Moody's: Baa2
|
| Pricing date: | Aug. 17
|
| Settlement date: | Sept. 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.405 million | 2022 | Serial | 5% | 99.197
|
| $2.665 million | 2022 | Serial | 5.25% | 101.185
|
| $1.915 million | 2023 | Serial | 5.125% | 98.935
|
| $2.36 million | 2023 | Serial | 5.5% | 101.966
|
| $11.08 million | 2026 | Term | 6% | 102.702
|
| $15.875 million | 2031 | Term | 6.25% | 101.894
|
| $21.905 million | 2036 | Term | 6.125% | 98.43
|
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