Published on 5/9/2012 in the Prospect News Municipals Daily.
New Issue: California Health sells $408.5 million Stanford Hospital bonds
By Sheri Kasprzak
New York, May 9 - The California Health Facilities Financing Authority priced $408.5 million of series 2012 revenue bonds for the Stanford Hospital and Clinics, according to a term sheet.
The deal includes $340 million of series 2012A bonds and $68.5 million of series 2012B bonds.
The 2012A bonds are due 2032, 2042 and 2051. The 2032 bonds have a 5% coupon priced at 113.719, and the 2042 bonds have a 5% coupon priced at 110.531. The 2051 bonds have a 5% coupon priced at 108.233.
The 2012B bonds are due 2013 to 2023 with 2% to 5% coupons.
The bonds (Aa3/AA-/AA-) were sold through Morgan Stanley & Co. LLC. The co-managers were J.P. Morgan Securities LLC and Goldman Sachs & Co.
Proceeds will be used to finance capital improvements to Stanford Hospital and Clinics properties, as well as to refund existing bonds due in November of 2012 and November of 2013.
| Issuer: | California Health Facilities Financing Authority/Stanford Hospital and Clinics
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $408.5 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), J.P. Morgan Securities LLC and Goldman Sachs & Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | May 9
|
| Settlement date: | May 23
|
|
|
| $340 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.96 million | 2032 | Term | 5% | 113.719
|
| $43.38 million | 2042 | Term | 5% | 110.531
|
| $294.66 million | 2051 | Term | 5% | 108.233
|
|
|
| $68.5 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.77 million | 2013 | Serial | 2% | NRO
|
| $2.5 million | 2014 | Serial | 2% | 103.25
|
| $2.55 million | 2014 | Serial | 3% | 105.462
|
| $5,655,000 | 2015 | Serial | 5% | 113.424
|
| $2.45 million | 2016 | Serial | 3% | 108.344
|
| $3 million | 2016 | Serial | 4% | 112.475
|
| $6,115,000 | 2017 | Serial | 5% | 124.595
|
| $2.5 million | 2018 | Serial | 3% | 115.243
|
| $3.43 million | 2018 | Serial | 5% | 127.488
|
| $6,655,000 | 2019 | Serial | 5% | 129.518
|
| $3 million | 2020 | Serial | 4% | 132.525
|
| $3.98 million | 2020 | Serial | 5% | 140.738
|
| $6,805,000 | 2021 | Serial | 4% | 133.971
|
| $875,000 | 2022 | Serial | 4% | 135.683
|
| $6,745,000 | 2022 | Serial | 5% | 145.679
|
| $7.47 million | 2023 | Serial | 5% | 121.729
|
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