Published on 10/13/2011 in the Prospect News Municipals Daily.
New Issue: Catholic Health Initiatives brings $526.09 million of revenue bonds
By Sheri Kasprzak
New York, Oct. 13 - Catholic Health Initiatives sold $526.09 million of series 2011 revenue bonds in two tranches Thursday, according to pricing sheets.
The offering included $416.99 million of series 2011A bonds sold through the Colorado Health Facilities Authority and $109.1 million of series 2011A bonds sold through the Washington Health Care Facilities Authority.
The Colorado bonds are due 2013 to 2026 with term bonds due in 2031, 2033 and 2041. The serial coupons range from 2% to 5%. The 2031 bonds have a 5.25% coupon priced at 101.821. The 2033 bonds have a split maturity with a 4.875% coupon priced at 97.729 and a 5.25% coupon priced at 101.452. The 2041 bonds have a 5% coupon priced at 97.738.
The Washington bonds are due 2013 to 2019 and 2023 to 2025 with a term bond due in 2041. The serial coupons range from 2% to 5%. The 2041 bonds have a 5% coupon priced at 97.003.
The bonds (Aa2/AA/AA) were sold through J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC. The co-managers were Bank of America Merrill Lynch, Edward D. Jones & Co. LP and Wells Fargo Securities LLC.
Proceeds will be used to construct, renovate and acquire facilities operated by Catholic Health.
| Issuer: | Catholic Health Initiatives
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $526.09 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Edward D. Jones & Co. LP and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 10
|
|
|
| $416.99 million series 2011A Colorado Health Facilities Authority bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18.25 million | 2013 | Serial | 2% | 101.545
|
| $13.85 million | 2014 | Serial | 3% | 103.603
|
| $4.65 million | 2014 | Serial | 5% | 107.971
|
| $6.77 million | 2015 | Serial | 3.5% | 105.494
|
| $10.5 million | 2015 | Serial | 5% | 110.178
|
| $9 million | 2016 | Serial | 4% | 107.472
|
| $6.3 million | 2016 | Serial | 5% | 111.491
|
| $6.82 million | 2017 | Serial | 4% | 107.098
|
| $7.645 million | 2017 | Serial | 5% | 111.962
|
| $500,000 | 2018 | Serial | 4% | 106.396
|
| $18.3 million | 2018 | Serial | 5% | 112.059
|
| $1.21 million | 2019 | Serial | 4% | 104.856
|
| $18.08 million | 2019 | Serial | 5% | 111.251
|
| $1.335 million | 2020 | Serial | 4% | 103.253
|
| $19.065 million | 2020 | Serial | 5% | 110.334
|
| $805,000 | 2021 | Serial | 4% | 102.165
|
| $20.58 million | 2021 | Serial | 5% | 109.912
|
| $340,000 | 2022 | Serial | 4% | 100.995
|
| $18.13 million | 2022 | Serial | 5% | 108.69
|
| $1.17 million | 2023 | Serial | 4% | 100
|
| $12.325 million | 2023 | Serial | 5% | 107.645
|
| $520,000 | 2024 | Serial | 4% | 98.756
|
| $1.49 million | 2024 | Serial | 5% | 106.611
|
| $3.825 million | 2025 | Serial | 5% | 105.355
|
| $870,000 | 2026 | Serial | 4.25% | 98.42
|
| $6.645 million | 2026 | Serial | 5% | 104.502
|
| $71.305 million | 2031 | Term | 5.25% | 101.821
|
| $1.84 million | 2033 | Term | 4.875% | 97.729
|
| $17.04 million | 2033 | Term | 5.25% | 101.452
|
| $117.83 million | 2041 | Term | 5% | 97.738
|
|
|
| $109.1 million series 2011A Washington Health Care Facilities Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.75 million | 2013 | Serial | 2% | 101.545
|
| $125,000 | 2014 | Serial | 4% | 105.674
|
| $1.375 million | 2014 | Serial | 5% | 107.857
|
| $1.25 million | 2015 | Serial | 5% | 110.012
|
| $200,000 | 2016 | Serial | 4% | 107.263
|
| $800,000 | 2016 | Serial | 5% | 111.277
|
| $335,000 | 2017 | Serial | 5% | 111.702
|
| $740,000 | 2018 | Serial | 5% | 111.756
|
| $300,000 | 2019 | Serial | 3.25% | 99.741
|
| $585,000 | 2019 | Serial | 5% | 110.911
|
| $375,000 | 2023 | Serial | 4% | 99.547
|
| $1.3 million | 2023 | Serial | 5% | 107.246
|
| $345,000 | 2024 | Serial | 4% | 98.285
|
| $720,000 | 2024 | Serial | 5% | 106.217
|
| $1.535 million | 2025 | Serial | 5% | 104.966
|
| $97.365 million | 2041 | Term | 5% | 97.003
|
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