Published on 11/15/2012 in the Prospect News Municipals Daily.
New Issue: Nashville and Davidson Health, Tenn., sells $151.46 million of Vanderbilt bonds
By Sheri Kasprzak
New York, Nov. 15 - The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tenn., brought $151,455,000 of series 2012 revenue refunding bonds for Vanderbilt University, according to a pricing sheet.
The deal included $106.23 million of series 2012D bonds and $45,225,000 of series 2012E bonds.
The 2012D bonds are due 2020 to 2032 with a term bond due in 2037. The serial coupons range from 3% to 5%. The 2037 bonds have a 3.25% coupon priced at 99.153.
The 2012E bonds are due 2013 to 2019 with 2% to 5% coupons.
Proceeds will be used to refund and redeem the university's series 2000A and 2005A-1 revenue bonds.
| Issuer: | Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tenn./Vanderbilt University
|
| Issue: | Series 2012 revenue refunding bonds
|
| Amount: | $151,455,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 29
|
|
|
| $106.23 million series 2012D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.92 million | 2020 | Serial | 4% | 119.729
|
| $4.08 million | 2021 | Serial | 4% | 119.98
|
| $4,265,000 | 2022 | Serial | 5% | 129.255
|
| $4,485,000 | 2023 | Serial | 5% | 127.8
|
| $4,715,000 | 2024 | Serial | 5% | 126.977
|
| $4,955,000 | 2025 | Serial | 5% | 126.466
|
| $5.21 million | 2026 | Serial | 5% | 126.553
|
| $5.48 million | 2027 | Serial | 5% | 125.048
|
| $5.76 million | 2028 | Serial | 5% | 124.446
|
| $6,025,000 | 2029 | Serial | 4% | 112.266
|
| $6.3 million | 2030 | Serial | 5% | 123.451
|
| $6.59 million | 2031 | Serial | 4% | 111.164
|
| $6,825,000 | 2032 | Serial | 3% | 99.404
|
| $37.62 million | 2037 | Term | 3.25% | 99.153
|
|
|
| $45,225,000 series 2012E bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,735,000 | 2013 | Serial | 3% | 102.362
|
| $5.94 million | 2014 | Serial | 4% | 106.684
|
| $6.18 million | 2015 | Serial | 4% | 109.793
|
| $6.47 million | 2016 | Serial | 5% | 116.382
|
| $6,765,000 | 2017 | Serial | 4% | 115.055
|
| $6.97 million | 2018 | Serial | 2% | 106.008
|
| $3,165,000 | 2019 | Serial | 3% | 112.272
|
| $4 million | 2019 | Serial | 4% | 118.836
|
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