By Sheri Kasprzak
New York, Sept. 23 - The Connecticut Health and Educational Facilities Authority sold $254.73 million of series 2011A revenue bonds for Hartford Healthcare, according to a pricing sheet.
The bonds (A2/A/A) were sold through Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC. The co-managers were Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
The bonds are due 2014 to 2023 with term bonds due in 2026, 2032 and 2041. The serial coupons range from 3% to 5%. The 2026 bonds have a split maturity with a 4.375% coupon priced at 99.402 and a 5% coupon priced at 104.468. The 2032 bonds have a 5% coupon priced at 100.837, and the 2041 bonds have a 5% coupon priced at 100.452.
Proceeds will be used to finance or refinance improvements and expansions to the Hartford Healthcare facilities, as well as to refund existing debt.
| Issuer: | Connecticut Health and Educational Facilities Authority/Hartford Healthcare
|
| Issue: | Series 2011A revenue bonds
|
| Amount: | $254.73 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.77 million | 2014 | Serial | 3% | 104.032
|
| $3.135 million | 2015 | Serial | 4% | 108.141
|
| $3.75 million | 2016 | Serial | 4% | 108.082
|
| $1.14 million | 2017 | Serial | 4% | 107.713
|
| $2.9 million | 2017 | Serial | 5% | 113.034
|
| $4.48 million | 2018 | Serial | 5% | 112.599
|
| $470,000 | 2019 | Serial | 4% | 105.452
|
| $4.27 million | 2019 | Serial | 5% | 112.271
|
| $5.01 million | 2020 | Serial | 5% | 111.782
|
| $3.805 million | 2021 | Serial | 4% | 103.344
|
| $1.495 million | 2021 | Serial | 5% | 111.513
|
| $5.57 million | 2022 | Serial | 5% | 110.42
|
| $5.89 million | 2023 | Serial | 4% | 100
|
| $11.485 million | 2026 | Term | 4.375% | 99.402
|
| $8 million | 2026 | Term | 5% | 104.468
|
| $51.7 million | 2032 | Term | 5% | 100.837
|
| $138.86 million | 2041 | Term | 5% | 100.452
|
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