Published on 4/24/2014 in the Prospect News Municipals Daily.
New Issue: Denver Health and Hospital sells $84.82 million of health revenue bonds
By Sheri Kasprzak
New York, April 24 - The Denver Health and Hospital Authority of Colorado sold $84,815,000 of series 2014 health care revenue bonds, according to a pricing sheet.
The deal included $67.87 million of series 2014A tax-exempt bonds and $16,945,000 of series 2014B taxable bonds.
The 2014A bonds are due 2027 to 2029 with term bonds due in 2033, 2039 and 2045. The serial bonds have 4% coupons with 4.06% to 4.21% yields. The 2033 bonds have a 4.25% coupon priced at 96.767 to yield 4.50% and the 2039 bonds have a 5% coupon priced at 101.9 to yield 4.75%. The 2045 bonds have a 5.25% coupon priced at 103.804 to yield 4.75%.
The bonds (/BBB/BBB+) were sold through senior managers Piper Jaffray & Co. and D.A. Davidson & Co.
Proceeds will be used to finance capital improvements to the authority's Southwest Clinic, renovations to the Westside Clinic and improvements to the main campus, all located in Denver.
| Issuer: | Denver Health and Hospital Authority
|
| Issue: | Series 2014 health care revenue bonds
|
| Amount: | $84,815,000
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. and D.A. Davidson & Co. (lead), Loop Capital Markets LLC and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Pricing date: | April 24
|
| Settlement date: | May 8
|
|
|
| $67.87 million series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2 million | 2027 | Serial | 4% | 99.376 | 4.06%
|
| $2.08 million | 2028 | Serial | 4% | 98.155 | 4.17%
|
| $2,165,000 | 2029 | Serial | 4% | 97.617 | 4.21%
|
| $9,595,000 | 2033 | Term | 4.25% | 96.767 | 4.50%
|
| $22,085,000 | 2039 | Term | 5% | 101.9 | 4.75%
|
| $29,945,000 | 2045 | Term | 5.25% | 103.804 | 4.75%
|
|
|
| $16,945,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,175,000 | 2016 | Serial | 1.7% | 100
|
| $2,255,000 | 2017 | Serial | 2.25% | 100
|
| $1.48 million | 2018 | Serial | 2.95% | 100
|
| $1.29 million | 2019 | Serial | 3.25% | 100
|
| $1.33 million | 2020 | Serial | 3.95% | 100
|
| $1.37 million | 2021 | Serial | 4.2% | 100
|
| $1.41 million | 2022 | Serial | 4.4% | 100
|
| $1,455,000 | 2023 | Serial | 4.65% | 100
|
| $1.51 million | 2024 | Serial | 4.9% | 100
|
| $1,825,000 | 2025 | Serial | 5% | 100
|
| $845,000 | 2026 | Serial | 5.15% | 100
|
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