Published on 8/4/2016 in the Prospect News Municipals Daily.
New Issue: North Carolina Medical brings $125.14 million Duke University Health bonds
By Sheri Kasprzak
New York, Aug. 4 – The North Carolina Medical Care Commission sold $125,135,000 of series 2016D health care facilities revenue refunding bonds for Duke University Health System, said a pricing sheet.
The bonds (Aa2/AA/AA) were sold through J.P. Morgan Securities LLC.
The bonds are due 2029 to 2036 with a term bond due in 2042. The serial coupons range from 4% to 5%. The 2042 bonds have a 3% coupon priced at par and a 4% coupon priced at 110.495.
Proceeds will be used to refund the health system’s series 2010A revenue bonds.
| Issuer: | North Carolina Medical Care Commission/Duke University Health System
|
| Issue: | Series 2016D health care facilities revenue refunding bonds
|
| Amount: | $125,135,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), PNC Capital Markets LLC, BofA Merrill Lynch and Jefferies & Co. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.65 million | 2029 | Serial | 5% | 126.385
|
| $7.03 million | 2030 | Serial | 4% | 115.129
|
| $7.36 million | 2031 | Serial | 4% | 114.184
|
| $7,655,000 | 2032 | Serial | 5% | 124.972
|
| $8,045,000 | 2033 | Serial | 4% | 112.414
|
| $8.37 million | 2034 | Serial | 4% | 112.137
|
| $8.71 million | 2035 | Serial | 4% | 111.77
|
| $9.07 million | 2036 | Serial | 4% | 111.495
|
| $12,245,000 | 2042 | Term | 3% | 100
|
| $50 million | 2042 | Term | 4% | 110.495
|
|
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