By Sheri Kasprzak
New York, Oct. 19 - The Delaware Health Facilities Authority sold $73 million in series 2010A revenue bonds for Christiana Care Health Services on Tuesday, according to a pricing sheet.
The bonds (Aa3/AA-/) were sold through J.P. Morgan Securities LLC with Bank of America Merrill Lynch, PNC Capital Markets LLC and Edward D. Jones & Co. LP as the co-managers.
The bonds are due 2026 to 2030 with term bonds due 2035 and 2040. The serial coupons range from 4% to 5%. The 2035 bonds have a split maturity with a 4.5% coupon priced at 98.961 and a 5% coupon priced at 103.391. The 2040 bonds have a 5% coupon priced at 103.15.
Proceeds will be used to reimburse Christiana Care for the expansion and improvement of its Wilmington Hospital, as well as to fund the construction of a nine-story patient tower.
| Issuer: | Delaware Health Facilities Authority/Christiana Care Health Services
|
| Issue: | Series 2010A revenue bonds
|
| Amount: | $73 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, PNC Capital Markets LLC and Edward D. Jones & Co. LP (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Oct. 19
|
| Settlement date: | Nov. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.16 million | 2026 | Serial | 4% | 99.53
|
| $2.835 million | 2026 | Serial | 5% | 107.771
|
| $3.51 million | 2027 | Serial | 4% | 98.545
|
| $3.635 million | 2028 | Serial | 5% | 106.426
|
| $3.76 million | 2029 | Serial | 4.2% | 98.966
|
| $2.85 million | 2030 | Serial | 4.5% | 99.864
|
| $1 million | 2030 | Serial | 5% | 105.1
|
| $15.36 million | 2035 | Term | 4.5% | 98.961
|
| $8.415 million | 2035 | Term | 5% | 103.391
|
| $30.475 million | 2040 | Term | 5% | 103.15
|
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