By Sheri Kasprzak
New York, April 26 - The City of Rochester, Minn., priced $285 million of series 2011 health care facilities revenue bonds for the Mayo Clinic, according to an official statement released Tuesday.
The bonds (Aa2/AA/) were sold through Merrill Lynch and Wells Fargo Securities LLC.
The offering included $88 million of series 2011A bonds, $62 million of series 2011B bonds and $135 million of series 2011C bonds.
The 2011A bonds are due in 2030 and have a 4% coupon priced at 103.349. The 2011B bonds are due in 2038 and have a 4% coupon priced at 103.349. The 2011C bonds have a 4.5% coupon priced at 102.359.
Proceeds will be used to refund the clinic's series 1992 and 2001 bonds.
| Issuer: | City of Rochester, Minn./Mayo Clinic
|
| Issue: | Series 2011 health care facilities revenue bonds
|
| Amount: | $285 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch and Wells Fargo Securities LLC
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | April 20
|
| Settlement date: | May 5
|
|
|
| $88 million series 2011A
|
| Maturity | Type | Coupon | Price
|
| 2030 | Term | 4% | 103.349
|
|
|
| $62 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| 2038 | Term | 4% | 103.349
|
|
|
| $135 million series 2011C
|
| Maturity | Type | Coupon | Price
|
| 2038 | Term | 4.5% | 102.359
|
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