Published on 7/16/2013 in the Prospect News Municipals Daily.
New Issue: Wichita, Kan., prices $85.06 million Presbyterian Manors revenue bonds
By Sheri Kasprzak
New York, July 16 - The City of Wichita, Kan., priced $85,055,000 of series 2013 health care facilities revenue bonds for the Presbyterian Manors Inc., according to a pricing sheet.
The deal included $78,055,000 of series 2013-IV-A bonds and $7 million of series 2013-IV-B bonds.
The 2013-IV-A bonds are due 2028, 2034, 2043 and 2048. The 2028 bonds have a 6% coupon priced at par and the 2034 bonds have a 6.25% coupon priced at par. The 2043 bonds have a 6.375% coupon priced at 98.35 to yield 6.5%. The 2048 bonds have a 6.5% coupon priced at 99.034 to yield 6.57%.
The 2013-IV-B bonds are due 2021 and 2025. The 2021 bonds have a 6.25% coupon priced at par and the 2025 bonds have a 6.5% coupon priced at 98.774 to yield 6.65%.
Ziegler Capital Markets Inc. was the senior manager for the deal.
Proceeds will be used to construct, equip, remodel and improve certain assisted living facilities operated by the corporation, as well as to refund the city's series 2004 revenue bonds issued for the corporation.
| Issuer: | Wichita, Kan./Presbyterian Manors Inc.
|
| Issue: | Series 2013 health care facilities revenue bonds
|
| Amount: | $85,055,000
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Capital Markets Inc. (lead)
|
| Pricing date: | July 16
|
| Settlement date: | July 30
|
|
|
| $78,055,000 series 2013-IV-A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,015,000 | 2028 | Term | 6% | 100 | 6.00%
|
| $13,275,000 | 2034 | Term | 6.25% | 100 | 6.25%
|
| $31,755,000 | 2043 | Term | 6.375% | 98.35 | 6.50%
|
| $27.01 million | 2048 | Term | 6.5% | 99.034 | 6.57%
|
|
|
| $7 million series 2013-IV-B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,505,000 | 2021 | Term | 6.25% | 100 | 6.25%
|
| $4,495,000 | 2025 | Term | 6.5% | 98.774 | 6.65%
|
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