By Sheri Kasprzak
New York, April 27 – The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County priced $150 million of revenue bonds and notes for Vanderbilt University Medical Center, according to a term sheet.
The deal included $50 million of series 2016C taxable revenue bonds and $100 million of series 2016D taxable revenue notes.
The 2016C bonds are due July 1, 2046 and bear interest at the R-Floats weekly mode priced at par.
The 2016D notes are due July 1, 2046 and bear interest at one-month Libor plus 250 basis points.
The offering was conducted through a negotiated sale with BofA Merrill Lynch as the senior manager for the 2016C bonds and J.P. Morgan Securities LLC as senior manager for the 2016D notes.
Proceeds from the bonds (A3) will be used to acquire, either by purchase or long-term lease, the university’s clinical services operations, post-graduate training programs and clinical department research activities.
| Issuer: | Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County/Vanderbilt University Medical Center
|
| Issue: | Series 2016 taxable revenue bonds and notes
|
| Amount: | $150 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (for 2016C), J.P. Morgan Securities LLC (for 2016D)
|
| Rating: | Moody’s: A3
|
| Pricing date: | April 19
|
| Settlement date: | April 29
|
|
|
| $50 million series 2016C taxable revenue bonds
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| Maturity | Type | Coupon | Price
|
| July 1, 2046 | Term | R-Floats weekly | 100
|
|
|
| $100 million series 2016D taxable revenue notes
|
| Maturity | Type | Coupon | Price
|
| July 1, 2046 | Term | One-month Libor plus 250 bps | 100
|
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