Published on 3/1/2012 in the Prospect News Municipals Daily.
New Issue: California Health sells $251.05 million of Lucile Packard Children's Hospital bonds
By Sheri Kasprzak
New York, March 1 - The California Health Facilities Financing Authority sold $251,045,000 of series 2012 revenue bonds for the Lucile Salter Packard Children's Hospital, according to a pricing sheet.
The deal included $200 million of series 2012A bonds and $51,045,000 of series 2012B bonds.
The 2012A bonds are due Aug. 15, 2051 and have a 5% coupon priced at 105.644. The 2012B bonds are due 2013 to 2027 with 3% to 5% coupons.
Morgan Stanley & Co. LLC was the senior manager for the bonds (Aa3/AA/AA). The co-managers were Bank of America Merrill Lynch and Wells Fargo Securities LLC.
Proceeds will be used to finance construction projects at the hospital and refund its series 2003C revenue bonds.
| Issuer: | California Health Facilities Financing Authority/Lucile Salter Packard Children's Hospital
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $251,045,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 1
|
| Settlement date: | March 21
|
|
|
| $200 million series 2012A bonds
|
| Maturity | Type | Coupon | Price
|
| Aug. 15, 2051 | Term | 5% | 105.644
|
|
|
| $51,045,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.03 million | 2013 | Serial | 3% | 103.726
|
| $2.2 million | 2014 | Serial | 4% | 108.064
|
| $2,215,000 | 2015 | Serial | 4% | 110.463
|
| $2,405,000 | 2016 | Serial | 4% | 112.559
|
| $2,435,000 | 2017 | Serial | 4% | 114.147
|
| $2,555,000 | 2018 | Serial | 4% | 114.543
|
| $2.59 million | 2019 | Serial | 4% | 114.357
|
| $2.85 million | 2020 | Serial | 5% | 121.109
|
| $3,045,000 | 2021 | Serial | 5% | 121.385
|
| $3.07 million | 2022 | Serial | 5% | 121.338
|
| $3.29 million | 2023 | Serial | 5% | 120.228
|
| $6.55 million | 2024 | Serial | 5% | 118.636
|
| $6.98 million | 2025 | Serial | 5% | 117.653
|
| $7,245,000 | 2026 | Serial | 5% | 116.584
|
| $1,585,000 | 2027 | Serial | 5% | 115.718
|
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