Published on 11/19/2014 in the Prospect News Municipals Daily.
New Issue: Erlanger Health, Tenn., offers $149.92 million revenue, refunding bonds
By Sheri Kasprzak
New York, Nov. 19 – The Chattanooga-Hamilton County Hospital Authority of Tennessee sold $149.92 million of series 2014A hospital revenue and refunding bonds for the Erlanger Health System, said a pricing sheet.
The bonds (Baa2//BBB) were sold through senior managers Barclays and FTN Financial Capital Markets.
The bonds are due 2018 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5% with 1.73% to 4.08% yields. The 2039 bonds have a 4.125% coupon priced at 96.453 to yield 4.36% and a 5% coupon priced at 106.369 to yield 4.2%. The 2044 bonds have a 5% coupon priced at 105.628 to yield 4.29%.
Proceeds will be used to finance the acquisition and construction of hospital facilities, as well as to refund the system’s series 1997A, 1998A, 2000 and 2004 revenue bonds.
| Issuer: | Chattanooga-Hamilton County Hospital Authority/Erlanger Health System
|
| Issue: | Series 2014A hospital revenue and refunding bonds
|
| Amount: | $149.92 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and FTN Financial Capital Markets (lead)
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100,000 | 2018 | Serial | 3% | 104.65 | 1.73%
|
| $100,000 | 2019 | Serial | 3% | 104.091 | 2.1%
|
| $100,000 | 2020 | Serial | 4% | 108.281 | 2.46%
|
| $100,000 | 2021 | Serial | 4% | 107.385 | 2.8%
|
| $100,000 | 2022 | Serial | 4% | 106.336 | 3.08%
|
| $2.23 million | 2023 | Serial | 5% | 113.548 | 3.22%
|
| $2,345,000 | 2024 | Serial | 5% | 113.778 | 3.34%
|
| $2.46 million | 2025 | Serial | 5% | 112.354 | 3.5%
|
| $2,585,000 | 2026 | Serial | 5% | 111.038 | 3.65%
|
| $2.71 million | 2027 | Serial | 5% | 110.258 | 3.74%
|
| $5,365,000 | 2028 | Serial | 5% | 109.655 | 3.81%
|
| $5,625,000 | 2029 | Serial | 5% | 109.227 | 3.86%
|
| $5,915,000 | 2030 | Serial | 5% | 108.801 | 3.91%
|
| $6.21 million | 2031 | Serial | 5% | 108.377 | 3.96%
|
| $6.52 million | 2032 | Serial | 5% | 107.955 | 4.01%
|
| $6.84 million | 2033 | Serial | 5% | 107.535 | 4.06%
|
| $7.19 million | 2034 | Serial | 5% | 107.368 | 4.08%
|
| $20,655,000 | 2039 | Term | 4.125% | 96.453 | 4.36%
|
| $20,675,000 | 2039 | Term | 5% | 106.369 | 4.2%
|
| $52,095,000 | 2044 | Term | 5% | 105.628 | 4.29%
|
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