Published on 10/11/2012 in the Prospect News Municipals Daily.
New Issue: Centre County Hospital Authority, Pa., prices $108.8 million of Mount Nittany bonds
By Sheri Kasprzak
New York, Oct. 11 - The Centre County Hospital Authority of Pennsylvania priced $108.8 million of series 2012 hospital revenue bonds for the Mount Nittany Medical Center, said a pricing sheet.
The deal included $43,675,000 of series 2012A bonds and $65,125,000 of series 2012B bonds.
The bonds (/A-/A-) were sold through Bank of America Merrill Lynch.
The 2012A bonds are due 2013 to 2026 with term bonds due in 2032, 2036, 2041 and 2047. The serial coupons range from 2.25% to 5%. The 2032 bonds have a 3.75% coupon priced at 98.609 and the 2036 bonds have a 4% coupon priced at 98.93. The 2041 bonds have a 4% coupon priced at 97.479 and the 2047 bonds have a 5% coupon priced at 105.968.
The 2012B bonds are due 2013 to 2026 with term bonds due in 2032, 2036, 2041 and 2044. The serial coupons range from 2.25% to 4%. The 2032 bonds have a 5% coupon priced at 111.903. The 2036 bonds have a 5% coupon priced at 109.688. The 2041 bonds have a split maturity with a 4% coupon priced at 97.479 and a 5% coupon priced at 108.99. The 2044 bonds have a 5% coupon priced at 108.47.
Proceeds will be used to construct, acquire, equip and renovate Mount Nittany capital projects.
| Issuer: | Centre County Hospital Authority/Mount Nittany Medical Center
|
| Issue: | Series 2012 hospital revenue bonds
|
| Amount: | $108.8 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Edward D. Jones & Co. LP, M&T Securities Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC (co-managers)
|
| Rating: | Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 24
|
|
|
| $43,675,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $450,000 | 2013 | Serial | 2.5% | 101.947
|
| $565,000 | 2014 | Serial | 3% | 104.064
|
| $585,000 | 2015 | Serial | 4% | 108.194
|
| $605,000 | 2016 | Serial | 5% | 113.899
|
| $635,000 | 2017 | Serial | 3% | 106.174
|
| $650,000 | 2018 | Serial | 3% | 104.836
|
| $680,000 | 2019 | Serial | 2.25% | 99.545
|
| $690,000 | 2020 | Serial | 3% | 101.74
|
| $710,000 | 2021 | Serial | 3% | 100.513
|
| $730,000 | 2022 | Serial | 3% | 99.397
|
| $760,000 | 2023 | Serial | 3% | 97.51
|
| $780,000 | 2024 | Serial | 3.25% | 98.524
|
| $805,000 | 2025 | Serial | 3.375% | 98.49
|
| $835,000 | 2026 | Serial | 3.5% | 98.902
|
| $5.67 million | 2032 | Term | 3.75% | 98.609
|
| $4.55 million | 2036 | Term | 4% | 98.93
|
| $6,805,000 | 2041 | Term | 4% | 97.479
|
| $17.17 million | 2047 | Term | 5% | 105.968
|
|
|
| $65,125,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $895,000 | 2013 | Serial | 2.5% | 101.947
|
| $1.08 million | 2014 | Serial | 3% | 104.064
|
| $1.12 million | 2015 | Serial | 3% | 105.203
|
| $1,155,000 | 2016 | Serial | 3% | 106.046
|
| $1.19 million | 2017 | Serial | 3% | 106.174
|
| $1.23 million | 2018 | Serial | 4% | 109.625
|
| $1,275,000 | 2019 | Serial | 2.25% | 99.545
|
| $1.31 million | 2020 | Serial | 3% | 101.74
|
| $1.35 million | 2021 | Serial | 3% | 100.513
|
| $1,395,000 | 2022 | Serial | 3% | 99.397
|
| $1.44 million | 2023 | Serial | 3% | 97.51
|
| $1,485,000 | 2024 | Serial | 3.25% | 98.524
|
| $1,535,000 | 2025 | Serial | 3.375% | 98.49
|
| $1.59 million | 2026 | Serial | 3.5% | 98.902
|
| $11.28 million | 2032 | Term | 5% | 111.903
|
| $9,675,000 | 2036 | Term | 5% | 109.688
|
| $5.12 million | 2041 | Term | 4% | 97.479
|
| $10 million | 2041 | Term | 5% | 108.99
|
| $11 million | 2044 | Term | 5% | 108.47
|
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