Munis end unchanged as new deals taper; Maine Health brings $280.75 million MaineGeneral bonds

By Sheri Kasprzak

New York, July 28 - Municipal yields were mostly flat on Thursday as the week's primary activity thinned, said traders.

"There's not a lot going on in secondary," said one trader reached during the afternoon.

"Supply is not heavy enough to drive us anywhere."

Amid the lighter supply on Thursday, the Maine Health and Higher Educational Facilities Authority priced $280.75 million of series 2011 revenue bonds for the MaineGeneral Medical Center, said a pricing sheet.

The bonds (Baa3//BBB-) were sold through Bank of America Merrill Lynch and Raymond James & Associates Inc.

Bonds to construct hospital

The bonds are due 2015 to 2021 with term bonds due in 2026, 2032, 2036 and 2041. The serial coupons range from 4% to 5.25%. The 2026 bonds have a 6% coupon priced at 98.638. The 2032 bonds have a 6.65% coupon priced at 99.766 and a 7.5% coupon priced at 105.929. The 2036 bonds have a 6.75% coupon priced at 97.637 and a 6.95% coupon priced at par. The 2041 bonds have a 6.75% coupon priced at 96.875, a 6.95% coupon priced at 99.366 and a 7% coupon priced at par.

Proceeds will be used to construct and equip a 580,000-square-foot hospital in Augusta, Maine, to consolidate the medical center's two inpatient facilities in Augusta and Waterville.

Guthrie Health sells bonds

Another health-care deal during the day came from the Central Bradford Progress Authority of Pennsylvania, which priced $102.37 million of series 2011 revenue bonds for the Guthrie Health System, said a pricing sheet.

The bonds (/AA-/A+) were sold through RBC Capital Markets LLC.

The bonds are due 2012 to 2024 with term bonds due in 2026, 2031 and 2041. The serial coupons range from 3% to 5.25%. The 2026 bonds have a 5% coupon priced at 101.387. The 2031 bonds have a split maturity with a 5% coupon priced at 98.739 and a 5.5% coupon priced at 103.957. The 2041 bonds have a 5.375% coupon priced at 99.178.

Proceeds will be used to finance, refinance and reimburse the costs of constructing, acquiring, equipping and furnishing clinical, inpatient, outpatient, diagnostic, treatment and ancillary facilities operated by Guthrie Health and to refund the health system's series 2002A bonds.

Illinois college deal prices

Elsewhere, the Community College District No. 502 of Illinois priced $104.9 million of series 2011 general obligation bonds, said a pricing sheet.

The bonds (Aaa/AAA/) were sold through William Blair & Co. and Bank of America Merrill Lynch.

The offering included $95.44 million of series 2011A bonds and $9.46 million of series 2011B bonds.

The 2011A bonds are due 2013 to 2031 with 2.5% to 5% coupons. The 2011B bonds are due 2015 to 2016 and 2021 to 2023. The coupons range from 4% to 4.75%.

Proceeds will be used to construct and equip new buildings, install new technologies at district facilities, improve land for district purposes, renovate and repair existing district facilities and refund the district's series 2003A G.O. bonds.

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