Published on 3/17/2016 in the Prospect News Municipals Daily.
New Issue: California Health brings $176.98 million of Lucile Salter Packard revenue bonds
By Sheri Kasprzak
New York, March 17 – The California Health Facilities Financing Authority priced $176,975,000 of series 2016 revenue bonds for the Lucile Salter Packard Children’s Hospital at Stanford, according to a pricing sheet. The deal was upsized from $164.49 million.
The deal included $76,975,000 of series 2016A refunding revenue bonds and $100 million of series 2016B revenue bonds.
The 2016A bonds are due 2016 to 2033 with 3% to 5% coupons. The 2016B bonds are due Aug. 15, 2055 and have a 5% coupon priced at 114.447.
The bonds (Aa3/AA-/) were priced through senior manager Morgan Stanley & Co. LLC.
Proceeds will be used to construct, equip, install, improve and renovate hospital facilities and refund the authority’s series 2008A-C revenue bonds.
| Issuer: | California Health Facilities Financing Authority/Lucile Salter Packard Children’s Hospital at Stanford
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $176,975,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Pricing date: | March 17
|
| Settlement date: | March 31
|
|
|
| $76,975,000 series 2016A refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.3 million | 2016 | Serial | 3% | 100.89
|
| $3.26 million | 2017 | Serial | 5% | 105.918
|
| $3,245,000 | 2018 | Serial | 5% | 109.924
|
| $3,255,000 | 2019 | Serial | 5% | 113.337
|
| $3,285,000 | 2020 | Serial | 5% | 116.463
|
| $3.32 million | 2021 | Serial | 5% | 119.137
|
| $3.37 million | 2022 | Serial | 5% | 121.464
|
| $3,435,000 | 2023 | Serial | 5% | 123.24
|
| $5.04 million | 2027 | Serial | 5% | 125.205
|
| $6.93 million | 2028 | Serial | 5% | 123.952
|
| $7.16 million | 2029 | Serial | 5% | 123.125
|
| $7.43 million | 2030 | Serial | 5% | 122.509
|
| $7.69 million | 2031 | Serial | 5% | 121.693
|
| $7,995,000 | 2032 | Serial | 5% | 120.884
|
| $8.26 million | 2033 | Serial | 5% | 120.381
|
|
|
| $100 million series 2016B revenue bonds
|
| Maturity | Type | Coupon | Price
|
| Aug. 15, 2055 | Term | 5% | 114.447
|
|
|
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