Published on 4/14/2016 in the Prospect News Municipals Daily.
New Issue: Orange County Health, Fla., prices $242.68 million Orlando Health bonds
By Sheri Kasprzak
New York, April 14 – The Orange County Health Facilities Authority of Florida priced $242.68 million of series 2016 hospital revenue and refunding bonds for the Orlando Health Obligated Group, according to a pricing sheet. The offering was downsized from $381,525,000.
The deal included $175.6 million of series 2016A refunding bonds and $67.08 million of series 2016B revenue bonds.
The 2016A bonds are due 2019 to 2040 with 3% to 5% coupons.
The 2016B bonds are due 2044 to 2045 with 4% to 5% coupons.
The bonds (A2/A/A) were sold through senior managers Goldman, Sachs & Co., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey.
Proceeds will be used to current refund the authority’s series 2006B bonds and advance refund its series 2008A-C bonds, as well as to refinance the authority’s 2012 notes.
| Issuer: | Orange County Health Facilities Authority/Orlando Health Obligated Group
|
| Issue: | Series 2016 hospital revenue and refunding bonds
|
| Amount: | $242.68 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey (lead), J.P. Morgan Securities LLC and BB&T Capital Markets Inc. (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Pricing date: | April 13
|
| Settlement date: | April 27
|
|
|
| $175.6 million series 2016A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $845,000 | 2019 | Serial | 3% | 106.339
|
| $860,000 | 2020 | Serial | 4% | 111.717
|
| $885,000 | 2021 | Serial | 5% | 118.464
|
| $910,000 | 2022 | Serial | 5% | 120.485
|
| $945,000 | 2023 | Serial | 5% | 122.076
|
| $5.95 million | 2027 | Serial | 5% | 124.38
|
| $6,835,000 | 2028 | Serial | 5% | 123.338
|
| $7,295,000 | 2029 | Serial | 5% | 122.41
|
| $7,145,000 | 2030 | Serial | 5% | 121.693
|
| $7,585,000 | 2031 | Serial | 5% | 120.982
|
| $5,235,000 | 2032 | Serial | 3% | 98.402
|
| $16,395,000 | 2033 | Serial | 5% | 119.774
|
| $17.29 million | 2034 | Serial | 5% | 119.175
|
| $16,635,000 | 2035 | Serial | 5% | 118.58
|
| $23,135,000 | 2036 | Serial | 5% | 118.087
|
| $20.16 million | 2037 | Serial | 5% | 117.596
|
| $33.27 million | 2039 | Serial | 5% | 117.401
|
| $4,225,000 | 2040 | Serial | 3.5% | 97.984
|
|
|
| $67.08 million series 2016B revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,795,000 | 2044 | Serial | 5% | 116.525
|
| $49,285,000 | 2045 | Serial | 4% | 103.626
|
|
|
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