Published on 4/16/2015 in the Prospect News Municipals Daily.
New Issue: Washington Health Care brings $380.08 million of MultiCare Health bonds
By Sheri Kasprzak
New York, April 16 – The Washington Health Care Facilities Authority sold $380.08 million of series 2015 revenue bonds for MultiCare Health, said a pricing sheet.
The deal included $87,705,000 of series 2015A bonds and $292,375,000 of series 2015B bonds.
The 2015A bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 112.682, and the 2045 bonds have a 5% coupon priced at 112.223.
The 2015B bonds are due 2015 to 2035 with term bonds due in 2039 and 2043. The serial coupons range from 2% to 5%. The 2039 bonds have a 4% coupon priced at 98.769, and the 2043 bonds have a 4.125% coupon priced at 99.581.
The bonds (Aa3/AA-/AA-) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to construct, equip and renovate existing health-care facilities, as well as to advance refund some of the health system’s existing debt.
| Issuer: | Washington Health Care Facilities Authority/MultiCare Health
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $380.08 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Barclays and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA-
|
| Pricing date: | April 16
|
| Settlement date: | April 29
|
|
|
| $87,705,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.02 million | 2016 | Serial | 3% | 103.221
|
| $2,085,000 | 2017 | Serial | 4% | 107.094
|
| $2,105,000 | 2018 | Serial | 5% | 112.237
|
| $2,195,000 | 2019 | Serial | 5% | 114.592
|
| $2.26 million | 2020 | Serial | 5% | 116.638
|
| $2.35 million | 2021 | Serial | 5% | 118.241
|
| $2,455,000 | 2022 | Serial | 5% | 119.217
|
| $2.03 million | 2023 | Serial | 5% | 120.112
|
| $2,115,000 | 2024 | Serial | 5% | 120.616
|
| $2.1 million | 2025 | Serial | 5% | 120.847
|
| $2.19 million | 2026 | Serial | 5% | 119.257
|
| $2.28 million | 2027 | Serial | 5% | 118.179
|
| $2,375,000 | 2028 | Serial | 5% | 117.016
|
| $2.48 million | 2029 | Serial | 5% | 116.344
|
| $2,265,000 | 2030 | Serial | 5% | 115.676
|
| $2.37 million | 2031 | Serial | 5% | 115.108
|
| $2,445,000 | 2032 | Serial | 5% | 114.636
|
| $2.56 million | 2033 | Serial | 5% | 114.261
|
| $2.68 million | 2034 | Serial | 5% | 113.887
|
| $2,295,000 | 2035 | Serial | 5% | 113.608
|
| $12.14 million | 2040 | Term | 5% | 112.682
|
| $29.91 million | 2045 | Term | 5% | 112.223
|
|
|
| $292,375,000 series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.08 million | 2015 | Serial | 2% | 100.524
|
| $1.86 million | 2016 | Serial | 3% | 103.221
|
| $1.89 million | 2017 | Serial | 3% | 104.828
|
| $2.03 million | 2018 | Serial | 4% | 109.017
|
| $2,275,000 | 2019 | Serial | 4% | 110.446
|
| $2.2 million | 2020 | Serial | 4% | 111.596
|
| $2.3 million | 2021 | Serial | 4% | 112.338
|
| $2,395,000 | 2022 | Serial | 4% | 112.497
|
| $12.76 million | 2023 | Serial | 5% | 120.112
|
| $13,445,000 | 2024 | Serial | 5% | 120.616
|
| $14,155,000 | 2025 | Serial | 5% | 120.847
|
| $14,835,000 | 2026 | Serial | 5% | 119.257
|
| $15.53 million | 2027 | Serial | 5% | 118.179
|
| $16.34 million | 2028 | Serial | 5% | 117.016
|
| $17,145,000 | 2029 | Serial | 5% | 116.344
|
| $18,095,000 | 2030 | Serial | 5% | 115.676
|
| $18,655,000 | 2031 | Serial | 5% | 115.108
|
| $19,655,000 | 2032 | Serial | 5% | 114.636
|
| $20,585,000 | 2033 | Serial | 5% | 114.261
|
| $21,615,000 | 2034 | Serial | 5% | 113.887
|
| $7.46 million | 2035 | Serial | 5% | 113.608
|
| $35,625,000 | 2039 | Term | 4% | 98.769
|
| $29,445,000 | 2043 | Term | 4.125% | 99.581
|
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