Published on 3/18/2016 in the Prospect News Municipals Daily.
New Issue: Nashville and Davidson Health sells $783.99 million of Vanderbilt bonds
By Sheri Kasprzak
New York, March 18 – The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tenn., priced $783,995,000 of series 2016 revenue bonds for Vanderbilt University Medical Center, said a pricing sheet.
The deal included $483,995,000 of series 2016A bonds and $300 million of series 2016B taxable bonds.
The 2016A bonds are due 2029 to 2031 with term bonds due in 2035, 2040 and 2046. The serial bonds have a 5% coupon with yields from 3% to 3.15%. The 2035 bonds have a 5% coupon priced at 113.657 to yield 3.40% and the 2040 bonds have a 5% coupon priced at 112.012 to yield 3.58%. The 2046 bonds have a 5% coupon priced at 111.29 to yield 3.66%.
The 2016B bonds are due July 1, 2026 and have a 4.053% coupon priced at par.
The bonds (A3) were sold on a negotiated basis. The 2016A bonds were offered through senior managers Raymond James/Morgan Keegan, BofA Merrill Lynch and Barclays and the 2016B bonds through senior manager J.P. Morgan Securities LLC.
Proceeds will be lent to the medical center to acquire all assets of the hospital from Vanderbilt University and to finance a long-term lease of properties owned by the university.
| Issuer: | Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County/Vanderbilt University Medical Center
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $783,995,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan, BofA Merrill Lynch and Barclays (lead for 2016A), J.P. Morgan Securities LLC (lead for 2016B), Raymond James, BofA Merrill Lynch and Barclays (co-managers for 2016B)
|
| Rating: | Moody’s: A3
|
| Pricing date: | March 17
|
| Settlement date: | April 29
|
|
|
| $483,995,000 series 2016A revenue bonds
|
| Amount Maturity | Type | Coupon Price | Yield
|
| $17 million | 2029 | Serial | 5% | 117.417 3.00%
|
| $17.87 million | 2030 | Serial | 5% | 116.749 3.07%
|
| $18,785,000 | 2031 | Serial | 5% | 115.99 | 3.15%
|
| $85,295,000 | 2035 | Term | 5% | 113.657 3.40%
|
| $133.65 million | 2040 | Term | 5% | 112.012 3.58%
|
| $211,395,000 | 2046 | Term | 5% | 111.29 | 3.66%
|
|
|
| $300 million series 2016B taxable revenue bonds
|
| Maturity | Type | Coupon Price | Yield
|
| July 1, 2026 | Term | 4.053% | 100 | 4.053%
|
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