By Aaron Hochman-Zimmerman
New York, Aug. 13 - The Charlotte-Mecklenburg Hospital Authority, N.C., priced $222.645 million series 2009A health care revenue refunding bonds (Aa3/AA-/) at a 5.34% true interest cost on behalf of the Carolinas Health Care System, according to Mark Keener, vice president and treasurer.
The bonds priced with an average coupon of 5.16% and an average yield of 5.26%.
The bonds carry serial maturities from 2010 to 2029. Two term bonds due 2034 have a five-year and a 10-year call, respectively, as well as a third term bond due 2039.
Merrill Lynch & Co. Inc. and J.P. Morgan Securities Inc. acted as lead underwriters for the negotiated deal. BB&T Capital Markets and Wells Fargo Securities Inc. were co-managers.
Proceeds will be used to refund the health care system's series 1997A, 2007J, 2007K and 2007L bonds.
The Charlotte-Mecklenburg Hospital Authority is located in Charlotte, N.C.
| Issuer: | Charlotte-Mecklenburg Hospital Authority/Carolinas Health Care System
|
| Issue: | Series 2009A health care revenue refunding bonds
|
| Amount: | $222.645 million
|
| Maturities: | Serial bonds due 2010 to 2029, term bonds due 2034, 2039
|
| Average coupon: | 5.16%
|
| Average yield: | 5.26%
|
| True interest cost: | 5.34%
|
| Underwriters: | Merrill Lynch & Co. Inc.; J.P. Morgan Securities Inc. (lead); BB&T Capital Markets, Wells Fargo Securities Inc. (co-managers)
|
| Type: | Negotiated
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 27
|
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