Published on 9/24/2013 in the Prospect News Municipals Daily.
New Issue: Monroeville Finance, Pa., sells $70.78 million of UPMC refunding bonds
By Sheri Kasprzak
New York, Sept. 24 - The Monroeville Finance Authority of Pennsylvania sold $70.78 million of series 2013B revenue refunding bonds for the University of Pittsburgh Medical Center, according to a pricing sheet. The deal was downsized from $100 million.
The bonds (Aa3/A+/) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2014 to 2028 with term bonds due in 2033 and 2039. The serial coupons range from 1.25% to 5%. The 2033 bonds have a 4.75% coupon priced at 98.233, and the 2039 bonds have a 5% coupon priced at 99.419.
Proceeds will be used to current refund the medical center's series 1998 and 2010 revenue bonds and advance refund its 2009 revenue bonds.
| Issuer: | Monroeville Finance Authority/University of Pittsburgh Medical Center
|
| Issue: | Series 2013B revenue refunding bonds
|
| Amount: | $70.78 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), RBC Capital Markets LLC, BofA Merrill Lynch, BNY Capital Markets LLC and the Huntington Investment Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 8
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,595,000 | 2014 | Serial | 1.25% | 100.773
|
| $1,615,000 | 2015 | Serial | 3% | 104.195
|
| $1.67 million | 2016 | Serial | 4% | 108.116
|
| $3.34 million | 2017 | Serial | 5% | 113.116
|
| $3,495,000 | 2018 | Serial | 5% | 113.958
|
| $3,675,000 | 2019 | Serial | 5% | 114.184
|
| $3,865,000 | 2020 | Serial | 5% | 114.13
|
| $4.06 million | 2021 | Serial | 5% | 113.408
|
| $4,255,000 | 2022 | Serial | 5% | 112.637
|
| $1,745,000 | 2023 | Serial | 3.5% | 99.669
|
| $290,000 | 2024 | Serial | 3.75% | 99.471
|
| $1.52 million | 2024 | Serial | 5% | 110.278
|
| $1.88 million | 2025 | Serial | 4% | 99.809
|
| $1.96 million | 2026 | Serial | 4.125% | 99.163
|
| $2,045,000 | 2027 | Serial | 4.25% | 99.07
|
| $2.13 million | 2028 | Serial | 4.375% | 98.976
|
| $12.3 million | 2033 | Term | 4.75% | 98.233
|
| $19.34 million | 2039 | Term | 5% | 99.419
|
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