Published on 8/14/2009 in the Prospect News Municipals Daily.
New Issue: Carolinas Health Care, N.C., issues terms for $222.65 million bonds
By Aaron Hochman-Zimmerman
New York, Aug. 14 - The Charlotte-Mecklenburg Hospital Authority, N.C., issued final terms for its $222.645 million series 2009A health care revenue refunding bond (Aa3/AA-/) which priced Wednesday 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 2039, 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
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 27
|
|
|
| Serial bonds, retail sales
|
| Maturity | Amount | Coupon | Yield | Price | Call date | Call price
|
| Jan. 15, 2010 | $7.895 million | 2.000% | 0.800% | 100.457
|
| Jan. 15, 2011 | $6.800 million | 3.000% | 1.480% | 102.072
|
| Jan. 15, 2012 | $2.800 million | 3.000% | 2.070% | 102.150
|
| Jan. 15, 2013 | $1.185 million | 3.000% | 2.430% | 101.839
|
| Jan. 15, 2014 | $3.025 million | 3.250% | 2.890% | 101.470
|
| Jan. 15, 2015 | $3.140 million | 3.500% | 3.230% | 101.371
|
| Jan. 15, 2016 | $515,000 | 3.750% | 3.510% | 101.358
|
| Jan. 15, 2017 | $1.815 million | 4.000% | 3.780% | 101.402
|
| Jan. 15, 2018 | $3.530 million | 4.000% | 4.030% | 99.784
|
| Jan. 15, 2019 | $3.650 million | 4.125% | 4.230% | 99.189
|
| Jan. 15, 2021 | $1.335 million | 4.500% | 4.580% | 99.467
|
| Jan. 15, 2023 | $1.345 million | 4.750% | 4.800% | 99.505
|
| Jan. 15, 2025 | $4.915 million | 5.000% | 5.000% | 100.000
|
| Jan. 15, 2027 | $5.410 million | 5.000% | 5.090% | 98.964
|
| Jan. 15, 2028 | $5.635million | 5.000% | 5.130% | 98.458
|
| Jan. 15, 2029 | $5.990 million | 5.125% | 5.200% | 99.085
|
|
|
| Serial bonds, institutional sales
|
| Maturity | Amount | Coupon | Yield | Price | Call date | Call price
|
| Jan. 15, 2013 | $1.740 million | 4.000% | 2.430% | 105.067
|
| Jan. 15, 2016 | $1.755 million | 5.000% | 3.510% | 108.451
|
| Jan. 15, 2017 | $1.555 million | 5.000% | 3.780% | 107.792
|
| Jan. 15, 2020 | $3.750 million | 5.000% | 4.400% | 104.567 | Jan. 15, 2019 | 100.000
|
| Jan. 15, 2021 | $2.675 million | 5.000% | 4.560% | 103.323 | Jan. 15, 2019 | 100.000
|
| Jan. 15, 2022 | $4.225 million | 5.000% | 4.690% | 102.326 | Jan. 15, 2019 | 100.000
|
| Jan. 15, 2023 | $3.095 million | 5.000% | 4.800% | 103.362 | Jan. 15, 2019 | 100.000
|
| Jan. 15, 2024 | $4.610 million | 5.250% | 4.910% | 102.526 | Jan. 15, 2019 | 100.000
|
| Jan. 15, 2026 | $5.175 million | 5.000% | 5.404% | 99.551
|
|
|
| Term bond due 2034
|
| Maturity | Amount | Coupon | Yield | Price | Call date | Call price
|
| Jan. 15, 2030 | $895,000 | 5.250% | 5.460% | 97.181
|
|
|
| Term bond due 2034, five-year call
|
| Maturity | Amount | Coupon | Yield | Price | Call date | Call price
|
| Jan. 15, 2031 | $945,000 | 5.250% | 5.460% | 97.181
|
| Jan. 15, 2032 | $2.000 million | 5.250% | 5.460% | 97.181
|
| Jan. 15, 2033 | $1.050 million | 5.250% | 5.460% | 97.181
|
| Jan. 15, 2034 | $1.110 million | 5.250% | 5.460% | 97.181
|
|
|
| Term bond due 2034, 10-year call
|
| Maturity | Amount | Coupon | Yield | Price | Call date | Call price
|
| Jan. 15, 2030 | $5.415 million
|
| Jan. 15, 2031 | $5.705 million | 5.250% | 5.460% | 97.181
|
| Jan. 15, 2032 | $14.690 million | 5.250% | 5.460% | 97.181
|
| Jan. 15, 2033 | $25.725 million | 5.250% | 5.460% | 97.181
|
| Jan. 15, 2034 | $14.115 million | 5.250% | 5.460% | 97.181
|
|
|
| Term bond due 2039
|
| Jan. 15, 2035 | $16.050 million | 5.250% | 5.490% | 96.512
|
| Jan. 15, 2036 | $16.945 million | 5.250% | 5.490% | 96.512
|
| Jan. 15, 2037 | $9.935 million | 5.250% | 5.490% | 96.512
|
| Jan. 15, 2038 | $10.470 million | 5.250% | 5.490% | 96.512
|
| Jan. 15, 2039 | $11.030 million | 5.250% | 5.490% | 96.512
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
