Published on 11/13/2013 in the Prospect News Municipals Daily.
New Issue: Tarrant County, Texas, sells $61.83 million of Hendrick Medical bonds
By Sheri Kasprzak
New York, Nov. 13 - The Tarrant County Cultural Education Facilities Finance Corp. of Texas sold $61.83 million of series 2013 hospital revenue bonds for the Hendrick Medical Center, according to a pricing sheet.
The bonds (A2/A-/) were sold through lead managers Cain Brothers and BofA Merrill Lynch.
The bonds are due 2014 to 2028 with term bonds due in 2033 and 2043. The serial coupons range from 3% to 5% with 0.70% to 4.67% yields. The 2033 bonds have a 5.125% coupon priced at 98.951 to yield 5.21%, and the 2043 bonds have a 5.5% coupon priced at 99.555 to yield 5.53%.
Proceeds will be used to finance or reimburse the corporation for the construction, equipment and installation of Hendrick Medical facilities, as well as to refund the corporation's series 2009C variable-rate revenue bonds.
| Issuer: | Tarrant County Cultural Education Facilities Finance Corp./Hendrick Medical Center
|
| Issue: | Series 2013 hospital revenue bonds
|
| Amount: | $61.83 million
|
| Type: | Negotiated
|
| Underwriters: | Cain Brothers and BofA Merrill Lynch (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Pricing date: | Nov. 13
|
| Settlement date: | Dec. 5
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.16 million | 2014 | Serial | 3% | 101.691 | 0.70%
|
| $2.23 million | 2015 | Serial | 3% | 103.526 | 0.95%
|
| $2.31 million | 2016 | Serial | 4% | 107.492 | 1.21%
|
| $2,405,000 | 2017 | Serial | 4% | 109.093 | 1.49%
|
| $2.5 million | 2018 | Serial | 4% | 109.139 | 1.97%
|
| $2,615,000 | 2019 | Serial | 5% | 113.685 | 2.43%
|
| $2.75 million | 2020 | Serial | 5% | 112.701 | 2.91%
|
| $2,895,000 | 2021 | Serial | 5% | 111.161 | 3.35%
|
| $3.04 million | 2022 | Serial | 5% | 110.175 | 3.63%
|
| $3,195,000 | 2023 | Serial | 5% | 109.09 | 3.87%
|
| $3.34 million | 2024 | Serial | 4% | 99.304 | 4.08%
|
| $3.48 million | 2025 | Serial | 4.2% | 99.719 | 4.23%
|
| $1,005,000 | 2026 | Serial | 4.375% | 99.945 | 4.38%
|
| $1.05 million | 2027 | Serial | 4.5% | 99.689 | 4.53%
|
| $1.1 million | 2028 | Serial | 4.65% | 99.781 | 4.67%
|
| $6,405,000 | 2033 | Term | 5.125% | 98.951 | 5.21%
|
| $19.35 million | 2043 | Term | 5.5% | 99.555 | 5.53%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
