Published on 10/26/2012 in the Prospect News Municipals Daily.
New Issue: North Carolina Medical brings $231.01 million of Wake Forest Baptist revenue bonds
By Sheri Kasprzak
New York, Oct. 26 - The North Carolina Medical Care Commission sold $231.01 million of series 2012 health care facilities revenue and refunding bonds for the Wake Forest Baptist Obligated Group, according to a pricing sheet.
The deal included $118,405,000 of series 2012A revenue bonds and $112,605,000 of series 2012B refunding revenue bonds.
The bonds (Aa3/AA-/) were sold through Morgan Stanley & Co. LLC and Goldman, Sachs & Co.
The 2012A bonds are due in 2045. The bonds have a split maturity with a 4% coupon priced at 100.657 and a 5% coupon priced at 112.79.
The 2012B bonds are due 2013 to 2027 with a term bond due in 2033. The serial coupons range from 2% to 5%. The 2033 bonds have a 4% coupon priced at 104.116 and a 5% coupon priced at 115.356.
Proceeds will be used to finance capital improvements to Wake Forest facilities and to refund debt.
| Issuer: | North Carolina Medical Care Commission/ Wake Forest Baptist Obligated Group
|
| Issue: | Series 2012 health care facilities revenue and refunding bonds
|
| Amount: | $231.01 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Goldman, Sachs & Co.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 15
|
|
|
| $118,405,000 series 2012A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $88,405,000 | 2045 | Term | 4% | 100.657
|
| $30 million | 2045 | Term | 5% | 112.79
|
|
|
| $112,605,000 series 2012B refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,385,000 | 2013 | Serial | 2% | NRO
|
| $3.47 million | 2014 | Serial | 3% | 105.204
|
| $3,595,000 | 2015 | Serial | 4% | 110.082
|
| $3.74 million | 2016 | Serial | 4% | 112.582
|
| $3,895,000 | 2017 | Serial | 4% | 114.509
|
| $4,075,000 | 2018 | Serial | 5% | 121.765
|
| $4.28 million | 2019 | Serial | 5% | 123.088
|
| $4,505,000 | 2020 | Serial | 5% | 123.695
|
| $4.71 million | 2021 | Serial | 4% | 115.576
|
| $4,925,000 | 2022 | Serial | 5% | 123.484
|
| $5.18 million | 2023 | Serial | 5% | 121.39
|
| $5.44 million | 2024 | Serial | 5% | 120.701
|
| $5.72 million | 2025 | Serial | 5% | 120.017
|
| $6 million | 2026 | Serial | 5% | 119.338
|
| $6,325,000 | 2027 | Serial | 5% | 118.759
|
| $21.73 million | 2033 | Term | 4% | 104.116
|
| $21.63 million | 2033 | Term | 5% | 115.356
|
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