Published on 7/17/2013 in the Prospect News Municipals Daily.
New Issue Palmetto Health, S.C., sells $140.43 million of hospital refunding bonds
By Sheri Kasprzak
New York, July 17 - The South Carolina Jobs-Economic Development Authority sold $140.43 million of series 2013A hospital refunding and improvement revenue bonds for the Palmetto Health System, according to a pricing sheet.
The bonds (Baa1/BBB+/BBB+) were sold through BofA Merrill Lynch.
The bonds are due 2014 to 2028 with a term bond due in 2031. The serial coupons range from 2% to 5.25% with 1.18% to 5.03% yields. The 2031 bonds have a 5.125% coupon priced at 98.668 to yield 5.24%.
Proceeds will be used to finance capital improvements for Palmetto Health and to refund the authority's series 2010A-C revenue bonds.
Issuer: | South Carolina Jobs-Economic Development Authority/Palmetto Health System
|
Issue: | Series 2013A hospital refunding and improvement revenue bonds
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Amount: | $140.43 million
|
Type: | Negotiated
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Underwriters: | BofA Merrill Lynch (lead)
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Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
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| Fitch: BBB+
|
Pricing date: | July 17
|
Settlement date: | July 25
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$9,145,000 | 2014 | Serial | 2% | 100.826 | 1.18%
|
$4,325,000 | 2015 | Serial | 3% | 102.807 | 1.58%
|
$5,035,000 | 2015 | Serial | 5% | 106.761 | 1.58%
|
$7.02 million | 2016 | Serial | 5% | 108.555 | 2.06%
|
$3,645,000 | 2017 | Serial | 5% | 109.577 | 2.48%
|
$650,000 | 2018 | Serial | 3% | 100.649 | 2.86%
|
$3.26 million | 2018 | Serial | 5% | 109.934 | 2.86%
|
$4.18 million | 2019 | Serial | 5% | 109.379 | 3.27%
|
$4,495,000 | 2020 | Serial | 5% | 109 | 3.54%
|
$4,795,000 | 2021 | Serial | 5% | 107.938 | 3.84%
|
$5.24 million | 2022 | Serial | 4% | 99.103 | 4.12%
|
$5,545,000 | 2023 | Serial | 5% | 105.731 | 4.29%
|
$1.45 million | 2024 | Serial | 4.25% | 98.101 | 4.47%
|
$4.48 million | 2024 | Serial | 5.25% | 106.658 | 4.42%
|
$270,000 | 2025 | Serial | 4.5% | 98.449 | 4.67%
|
$6,065,000 | 2025 | Serial | 5.25% | 105.415 | 4.57%
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$6,065,000 | 2025 | Serial | 5.25% | 105.415 | 4.57%
|
$7,545,000 | 2026 | Serial | 5.25% | 104.109 | 4.73%
|
$13.68 million | 2027 | Serial | 5.25% | 102.983 | 4.87%
|
$14,455,000 | 2028 | Serial | 5% | 99.685 | 5.03%
|
$35.15 million | 2031 | Term | 5.125% | 98.668 | 5.24%
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