Published on 8/12/2015 in the Prospect News Municipals Daily.
New Issue: Cape Coral Health, Fla., sells $79.39 million Gulf Care revenue bonds
By Sheri Kasprzak
New York, Aug. 12 – The Cape Coral Health Facilities Authority of Florida sold $79,385,000 of series 2015 senior housing revenue bonds for Gulf Care Inc., according to a pricing sheet.
The bonds were sold through H.J. Sims Inc.
The bonds are due 2019 to 2025 with term bonds due in 2030, 2032, 2040, 2045 and 2050. The serial coupons range from 3.75% to 4.875% with 3.75% to 5% yields. The 2030 bonds have a 5.75% coupon to yield 5.45%, and the 2032 bonds have a 5.4% coupon to yield 5.625%. The 2040 bonds have a 5.875% coupon to yield 5.97%, and the 2045 bonds have a 6% coupon to yield 6.05%. The 2050 bonds have a 6% coupon to yield 6.1%.
Proceeds will be used to finance the construction and equipment of 80 new assisted living units, 48 new memory support units and the remodeling and addition of various skilled nursing stations at Gulf Coast Village, a senior living facility in Cape Coral, as well as to refund the corporation’s series 2012 revenue bonds.
| Issuer: | Cape Coral Health Facilities Authority/Gulf Care Inc.
|
| Issue: | Series 2015 senior housing revenue bonds
|
| Amount: | $79,385,000
|
| Type: | Negotiated
|
| Underwriter: | H.J. Sims Inc.
|
| Pricing date: | Aug. 5
|
| Settlement date: | Aug. 13
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1 million | 2019 | Serial | 3.75% | 3.75%
|
| $1,035,000 | 2020 | Serial | 4% | 4.00%
|
| $1.08 million | 2021 | Serial | 4.25% | 4.25%
|
| $1,125,000 | 2022 | Serial | 4.5% | 4.60%
|
| $1,175,000 | 2023 | Serial | 4.625% | 4.70%
|
| $1.23 million | 2024 | Serial | 4.75% | 4.80%
|
| $1.29 million | 2025 | Serial | 4.875% | 5.00%
|
| $7.58 million | 2030 | Term | 5.75% | 5.45%
|
| $3.67 million | 2032 | Term | 5.4% | 5.625%
|
| $19.36 million | 2040 | Term | 5.875% | 5.97%
|
| $17,465,000 | 2045 | Term | 6% | 6.05%
|
| $23,375,000 | 2050 | Term | 6% | 6.10%
|
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