Published on 11/6/2013 in the Prospect News Municipals Daily.
New Issue: Rhode Island Health sells $87.39 million Care New England revenue debt
By Sheri Kasprzak
New York, Nov. 6 - The Rhode Island Health and Educational Building Corp. sold $87,385,000 of series 2013A hospital financing revenue bonds for Care New England, according to a pricing sheet.
The bonds (/BBB-/BBB) were sold through senior managers J.P. Morgan Securities LLC and BofA Merrill Lynch.
The bonds are due 2014 to 2023 with term bonds due in 2028 and 2033. The serial coupons range from 3% to 5% with 1.66% to 4.91% yields. The 2028 bonds have a 5.5% coupon priced at 98.01 to yield 5.7%, and the 2033 bonds have a 6% coupon priced at 99.189 to yield 6.07%.
Proceeds will be used to refund the corporation's series 2003 and 2008A revenue bonds, which were used to finance renovations for Care New England facilities.
| Issuer: | Rhode Island Health and Educational Building Corp./Care New England
|
| Issue: | Series 2013A hospital financing revenue bonds
|
| Amount: | $87,385,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead)
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,275,000 | 2014 | Serial | 3% | 101.033 | 1.66%
|
| $2.01 million | 2015 | Serial | 4% | 103.532 | 1.97%
|
| $4,825,000 | 2016 | Serial | 5% | 107.2 | 2.31%
|
| $4.89 million | 2017 | Serial | 5% | 108.134 | 2.72%
|
| $4,955,000 | 2018 | Serial | 5% | 108.33 | 3.11%
|
| $2,915,000 | 2019 | Serial | 5% | 107.296 | 3.59%
|
| $2,955,000 | 2020 | Serial | 5% | 105.699 | 4.03%
|
| $3,055,000 | 2021 | Serial | 5% | 103.643 | 4.44%
|
| $3,205,000 | 2022 | Serial | 5% | 102.275 | 4.68%
|
| $3,365,000 | 2023 | Serial | 5% | 100.684 | 4.91%
|
| $18,965,000 | 2028 | Term | 5.5% | 98.01 | 5.70%
|
| $31.97 million | 2033 | Term | 6% | 99.189 | 6.07%
|
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