By Cristal Cody
Springdale, Ark., Aug. 12 - The Lucile Salter Packard Children's Hospital at Stanford priced $93.45 million variable-rate refunding revenue bonds with a 1.35% initial rate on Tuesday, a market source told Prospect News.
The series 2008A and 2008B bonds are due 2033. The series 2008C bonds are due 2023.
The bonds (Aa2/AA/AA) priced initially with a weekly interest rate through the California Health Facilities Financing Authority.
Goldman, Sachs & Co. managed the negotiated sale of the series 2008A bonds, and Morgan Stanley & Co. Inc. managed the sale of the series 2008B and 2008C bonds.
Proceeds will be used to refund the series 2003A and 2003B revenue bonds and repay a bank loan used in July to retire the $32.4 million outstanding from the series 1993 certificates of participation.
| Issuer: | Lucile Salter Packard Children's Hospital at Stanford/California Health Facilities Financing Authority
|
| Issue: | Variable-rate refunding revenue bonds
|
| Amount: | $93.45 million
|
| Type: | Negotiated
|
| Initial rate: | 1.35%
|
| Resets: | Weekly
|
| Maturity: | 2033 for series 2008A and 2008B; 2023 for series 2008C
|
| Underwriters: | Goldman, Sachs & Co. and Morgan Stanley & Co. Inc.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 13
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
