By Sheri Kasprzak
New York, June 4 - The California Health Facilities Financing Authority priced on Friday $233.765 million of series 2010 refunding revenue bonds for Stanford Hospital and Clinics, said a pricing sheet.
The sale included $87.055 million of series 2010A bonds and $146.71 million of series 2010B bonds.
The 2010A bonds are due 2011 to 2021, with term bonds due 2025 and 2031. The coupons range from 4% to 5%. The 2025 bonds have a 5% coupon priced at 102.859. The 2031 bonds have a split maturity. One of the bonds has a 5.25% coupon priced at 102.823. The other bonds have a 5.75% coupon priced at 108.135.
The 2010B bonds are due 2025, 2031 and 2036. The 2025 and 2031 bonds have split maturities. One of the 2025 bonds has a 4.5% coupon priced at 98.358, and the other has a 5% coupon priced at 102.859. The 2031 bonds have a 5.25% coupon priced at 102.823, and a 5.75% coupon priced at 108.135. The 2036 bonds have a 5% coupon priced at 98.553.
The bonds (Aa3/A+/AA-) were sold through Morgan Stanley & Co. Inc. with J.P. Morgan Securities Inc. and Goldman, Sachs & Co. as the co-managers.
Proceeds will be used to refund the hospital's series 1998B and 2003B-D bonds, which were used to construct, equip and renovate Stanford Hospital and Clinics facilities.
The Sacramento-based authority provides financing for health care facilities throughout the state.
| Issuer: | California Health Facilities Financing Authority/Stanford Hospital and Clinics
|
| Issue: | Series 2010 refunding revenue bonds
|
| Amount: | $233.765 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), J.P. Morgan Securities Inc. and Goldman, Sachs & Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | June 4
|
| Settlement date: | June 16
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 4% | 104.129
|
| 2012 | Serial | 5% | 108.39
|
| 2013 | Serial | 4% | 107.046
|
| 2014 | Serial | 5% | 111.492
|
| 2015 | Serial | 4% | 106.974
|
| 2016 | Serial | 5% | 111.588
|
| 2017 | Serial | 5% | 111.236
|
| 2018 | Serial | 5% | 111.079
|
| 2019 | Serial | 5% | 110.503
|
| 2020 | Serial | 5% | 109.877
|
| 2021 | Serial | 5% | 108.712
|
| 2025 | Term | 5% | 102.859
|
| 2031 | Term | 5.25% | 102.823
|
| 2031 | Term | 5.75% | 108.135
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2025 | Term | 4.5% | 98.358
|
| 2025 | Term | 5% | 102.859
|
| 2031 | Term | 5.25% | 102.823
|
| 2031 | Term | 5.75% | 108.135
|
| 2036 | Term | 5% | 98.553
|
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