By Sheri Kasprzak
New York, Oct. 6 - The Hospitals and Higher Education Facilities Authority of Philadelphia came to market Thursday with $260.795 million of series 2011 hospital revenue bonds for the Children's Hospital of Philadelphia, according to a pricing sheet.
The offering included $96.785 million of series 2011C bonds and $164.01 million of series 2011D bonds.
The 2011C bonds are due 2013 to 2026 with term bonds due in 2031 and 2041. The serial coupons range from 2% to 5%. The 2031 bond have a split maturity with a 4.5% coupon priced at 98.708 and a 5% coupon priced at 103.089. The 2041 bonds have a 5% coupon priced at 101.527.
The 2011D bonds are due in 2025, 2028 and 2032. The 2025 bonds have a 5% coupon priced at 108.204, and the 2028 bonds have a split maturity with a 4.25% coupon priced at 98.817 and a 5% coupon priced at 105.083. The 2032 bonds have a 5% coupon priced at 102.304.
The bonds (AA) were sold through J.P. Morgan Securities LLC. The co-managers were Goldman Sachs & Co. and Wells Fargo Securities LLC.
Proceeds will finance capital projects, including the expansion and improvement of buildings on the hospital's campus, as well as the construction of a new ambulatory care center.
| Issuer: | Hospitals and Higher Education Facilities Authority/Children's Hospital of Philadelphia
|
| Issue: | Series 2011 hospital revenue bonds
|
| Amount: | $260.795 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Goldman Sachs & Co. and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor's: AA
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 27
|
|
|
| $96.785 million series 2011C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.68 million | 2013 | Serial | 2% | 102.096
|
| $1.725 million | 2014 | Serial | 3% | 104.836
|
| $1.775 million | 2015 | Serial | 3% | 105.456
|
| $1.84 million | 2016 | Serial | 4% | 109.354
|
| $1.925 million | 2017 | Serial | 5% | 114.577
|
| $2.025 million | 2018 | Serial | 5% | 114.687
|
| $2.125 million | 2019 | Serial | 5% | 114.135
|
| $2.225 million | 2020 | Serial | 4% | 106.016
|
| $2.325 million | 2021 | Serial | 5% | 113.626
|
| $2.44 million | 2022 | Serial | 4.5% | 108.23
|
| $2.545 million | 2023 | Serial | 4% | 102.663
|
| $2.665 million | 2024 | Serial | 5% | 109.551
|
| $2.8 million | 2025 | Serial | 5% | 108.204
|
| $2.93 million | 2026 | Serial | 4% | 99.118
|
| $11.27 million | 2031 | Term | 4.5% | 98.708
|
| $5.55 million | 2031 | Term | 5% | 103.089
|
| $48.94 million | 2041 | Term | 5% | 101.527
|
|
|
| $164.01 million series 2011D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10.285 million | 2025 | Term | 5% | 108.204
|
| $1.05 million | 2028 | Term | 4.25% | 98.817
|
| $59.16 million | 2028 | Term | 5% | 105.083
|
| $93.515 million | 2032 | Term | 5% | 102.304
|
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