Published on 2/26/2014 in the Prospect News Municipals Daily.
New Issue: Alachua County Health Facilities prices $68.95 million of health bonds
By Sheri Kasprzak
New York, Feb. 26 - The Alachua County Health Facilities Authority of Florida sold $68.95 million of series 2014 health facilities revenue bonds for the East Ridge Retirement Village Inc., according to a pricing sheet. The deal was downsized from $71,515,000.
The bonds (//BB) were sold through Ziegler Capital Inc.
The bonds are due 2024, 2029, 2034, 2044 and 2049. The 2024 bonds have a 5% coupon priced at 98.975 to yield 5.125%. The 2029 bonds have a 5.625% coupon priced at 98.711 to yield 5.75% and a 6% coupon priced at 102.364 to yield 5.7%. The 2034 bonds have a 6% coupon priced at 98.535 to yield 6.125% and the 2044 bonds have a 6.25% coupon priced at 98.645 to yield 6.35%. The 2049 bonds have a 6.375% coupon priced at 98.261 to yield 6.5%.
Proceeds will be used to finance capital improvements at East Ridge Retirement Village's East Ridge at Cutler Bay facility in Cutler Bay, Fla., including 90 new assisted living units, 31 new memory support units and 74 new skilled nursing beds to replace existing facilities.
| Issuer: | Alachua County Health Facilities Authority, Fla./East Ridge Retirement Village Inc.
|
| Issue: | Series 2014 health facilities revenue bonds
|
| Amount: | $68.95 million
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Capital Inc.
|
| Rating: | Fitch: BB
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,375,000 | 2024 | Term | 5% | 98.975 | 5.125%
|
| $1,445,000 | 2029 | Term | 5.625% | 98.711 | 5.75%
|
| $5 million | 2029 | Term | 6% | 102.364 | 5.70%
|
| $8,605,000 | 2034 | Term | 6% | 98.535 | 6.125%
|
| $27.25 million | 2044 | Term | 6.25% | 98.645 | 6.35%
|
| $21,275,000 | 2049 | Term | 6.375% | 98.261 | 6.50%
|
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