Published on 6/6/2014 in the Prospect News Municipals Daily.
New Issue: Connecticut Health prices $543.41 million of Yale-New Haven Health debt
By Sheri Kasprzak
New York, June 6 – The Connecticut Health and Educational Facilities Authority priced $543.41 million of series 2014 revenue bonds for the Yale-New Haven Health System, said a pricing sheet.
The bonds (//AA-) were sold through senior manager Barclays.
The deal included $102.3 million of series 2014A bonds, $168,275,000 of series 2014B bonds, $83,625,000 of series 2014C bonds, $108,275,000 of series 2014D bonds and $80,935,000 of series 2014E bonds.
The 2014A bonds are due 2026 to 2034 with 5% coupons and 2.92% to 3.6% yields.
The 2014B bonds are due July 1, 2049 and bear interest at one-month Libor plus 55 basis points priced at par.
The 2014C bonds are due July 1, 2025 and initially bear interest at the weekly rate.
The 2014D bonds are due July 1, 2038 and initially bear interest at the weekly rate.
The 2014E bonds are due 2015 to 2034 with a term bond due in 2037. The serial coupons range from 3% to 5% with yields from 0.15% to 3.6%. The 2037 bonds have a 4% coupon priced at 99.75 to yield 4.017%.
Proceeds will be used to construct, improve, renovate and equip the Yale-New Haven Hospital and Bridgeport Hospital, as well as to refund existing debt.
| Issuer: | Connecticut Health and Educational Facilities Authority/Yale-New Haven Health
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $543.41 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead) and J.P. Morgan Securities LLC (co-manager)
|
| Ratings: | Fitch: AA-
|
| Pricing date: | May 29
|
| Settlement date: | June 23
|
|
|
| $102.3 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,215,000 | 2026 | Serial | 5% | 117.959 | 2.92%
|
| $11,775,000 | 2027 | Serial | 5% | 116.823 | 3.04%
|
| $12,365,000 | 2028 | Serial | 5% | 115.793 | 3.15%
|
| $12.99 million | 2029 | Serial | 5% | 114.958 | 3.24%
|
| $13.63 million | 2030 | Serial | 5% | 113.856 | 3.36%
|
| $14,315,000 | 2031 | Serial | 5% | 113.129 | 3.44%
|
| $11.95 million | 2032 | Serial | 5% | 112.497 | 3.51%
|
| $8.79 million | 2033 | Serial | 5% | 112.048 | 3.56%
|
| $5.27 million | 2034 | Serial | 5% | 111.69 | 3.6%
|
|
|
| $168,275,000 series 2014B bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2049 | Term | One-month Libor plus 55 bps | 100
|
|
|
| $83,625,000 series 2014C bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2025 | Term | Weekly | 100
|
|
|
| $108,275,000 series 2014D bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2038 | Term | Weekly | 100
|
|
|
| $80,935,000 series 2014E bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,225,000 | 2015 | Serial | 3% | 102.909 | 0.15%
|
| $2,375,000 | 2016 | Serial | 4% | 107.453 | 0.3%
|
| $2.47 million | 2017 | Serial | 4% | 110.072 | 0.63%
|
| $2.57 million | 2018 | Serial | 5% | 115.73 | 1%
|
| $2,695,000 | 2019 | Serial | 5% | 117.612 | 1.36%
|
| $2.83 million | 2020 | Serial | 5% | 118.687 | 1.72%
|
| $2,975,000 | 2021 | Serial | 5% | 119.129 | 2.06%
|
| $3.12 million | 2022 | Serial | 5% | 119.675 | 2.3%
|
| $3.28 million | 2023 | Serial | 5% | 120.169 | 2.49%
|
| $3.44 million | 2024 | Serial | 5% | 120.564 | 2.65%
|
| $3,615,000 | 2025 | Serial | 5% | 119.205 | 2.79%
|
| $3,795,000 | 2026 | Serial | 5% | 117.959 | 2.92%
|
| $3,985,000 | 2027 | Serial | 5% | 116.823 | 3.04%
|
| $4,185,000 | 2028 | Serial | 5% | 115.793 | 3.15%
|
| $4.39 million | 2029 | Serial | 5% | 114.958 | 3.24%
|
| $4.61 million | 2030 | Serial | 3.5% | 97.75 | 3.687%
|
| $4,775,000 | 2031 | Serial | 5% | 113.129 | 3.44%
|
| $5.01 million | 2032 | Serial | 5% | 112.497 | 3.51%
|
| $5.26 million | 2033 | Serial | 5% | 112.048 | 3.56%
|
| $5,515,000 | 2034 | Serial | 5% | 11.69 | 3.6%
|
| $7,815,000 | 2037 | Term | 4% | 99.75 | 4.017%
|
|
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