Published on 5/4/2012 in the Prospect News Municipals Daily.
New Issue: Orange County Health, Fla., sells $184.88 million Orlando Health bonds
By Sheri Kasprzak
New York, May 4 - The Orange County Health Facilities Authority of Florida came to market with $184,875,000 of series 2012 hospital revenue bonds for Orlando Health Inc., according to a pricing sheet.
The offering included $152,295,000 of series 2012A bonds and $32.58 million of series 2012B bonds.
The 2012A bonds are due 2028, 2032 and 2042. The 2028 bonds have a 4% coupon priced at 98.519, and the 2032 bonds have a 4.125% coupon priced at 97.996. The 2042 bonds have a 5% coupon priced at 104.344.
The 2012B bonds are due 2028, 2032 and 2042. The 2028 bonds have a 4% coupon priced at 98.519. The 2032 bonds have a 4.125% coupon priced at 98, and the 2042 bonds have a 5% coupon priced at 104.344.
The bonds (A2/A/A) were sold on a negotiated basis. The 2012A bonds were sold through senior manager Morgan Stanley & Co. LLC, and the 2012B bonds were sold through lead manager Raymond James/Morgan Keegan. The co-managers for the 2012A bonds were Goldman, Sachs & Co., SunTrust Robinson Humphrey, Raymond James/Morgan Keegan, J.P. Morgan Securities LLC and BB&T Capital Markets. The co-manager for the 2012B bonds was Morgan Stanley & Co. LLC.
Proceeds will be used to construct a new patient bed tower at Orlando Regional Medical Center and expand the medical center's emergency department.
| Issuer: | Orange County Health Facilities Authority/Orlando Health Inc.
|
| Issue: | Series 2012 hospital revenue bonds
|
| Amount: | $184,875,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead for 2012A, co-manager for 2012B), Raymond James/Morgan Keegan (lead for 2012B), Goldman, Sachs & Co., SunTrust Robinson Humphrey, Raymond James/Morgan Keegan, J.P. Morgan Securities LLC and BB&T Capital Markets (co-managers for 2012A)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | May 3
|
| Settlement date: | May 23
|
|
|
|
|
| $152,295,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.21 million | 2028 | Term | 4% | 98.519
|
| $23,315,000 | 2032 | Term | 4.125% | 97.996
|
| $123.77 million | 2042 | Term | 5% | 104.344
|
|
|
|
|
| $32.58 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,075,000 | 2028 | Term | 4% | 98.519
|
| $4.78 million | 2032 | Term | 4.125% | 98
|
| $26,725,000 | 2042 | Term | 5% | 104.344
|
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