Published on 9/10/2014 in the Prospect News Municipals Daily.
New Issue: Catholic Health Services of Long Island, N.Y., sells $81.7 million debt
By Sheri Kasprzak
New York, Sept. 10 – The Catholic Health Services of Long Island sold $81.7 million of series 2014 revenue bonds through the Nassau County Economic Assistance Corp. and the Suffolk County Economic Development Corp., according to a pricing sheet.
The deal included $41.96 million of series 2014B revenue bonds through Nassau County and $39.74 million of series 2014C revenue bonds through Suffolk County.
The 2014B bonds are due 2023 to 2030 with a term bond due in 2032. The serial bonds have 5% coupons. The 2032 bonds have a 5% coupon priced at 110.571.
The 2014C bonds are due 2025 to 2033 with 5% coupons.
The bonds (Baa1/BBB+/BBB+) were sold through Goldman Sachs & Co. and Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital expenditures, including capital improvements, renovations, repairs and equipment purchases to Catholic Health facilities.
| Issuer: | Catholic Health Services of Long Island
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $81.7 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. and Morgan Stanley & Co. LLC (lead)
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 24
|
|
|
| $41.96 million series 2014B revenue bonds through Nassau County Economic Assistance
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,325,000 | 2023 | Serial | 5% | 115.734
|
| $6.51 million | 2024 | Serial | 5% | 116.179
|
| $5.12 million | 2025 | Serial | 5% | 114.813
|
| $5,385,000 | 2026 | Serial | 5% | 114.003
|
| $5,655,000 | 2027 | Serial | 5% | 113.111
|
| $3,955,000 | 2028 | Serial | 5% | 112.14
|
| $2,075,000 | 2029 | Serial | 5% | 111.439
|
| $2.18 million | 2030 | Serial | 5% | 111.091
|
| $4,755,000 | 2032 | Term | 5% | 110.571
|
|
|
| $39.74 million series 2014C revenue bonds through Suffolk County Economic Development
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,715,000 | 2025 | Serial | 5% | 114.813
|
| $1.79 million | 2026 | Serial | 5% | 114.003
|
| $1.88 million | 2027 | Serial | 5% | 113.111
|
| $3,955,000 | 2028 | Serial | 5% | 112.14
|
| $6,235,000 | 2029 | Serial | 5% | 111.439
|
| $6,545,000 | 2030 | Serial | 5% | 111.091
|
| $9.16 million | 2031 | Serial | 5% | 110.831
|
| $4.86 million | 2032 | Serial | 5% | 110.571
|
| $3.6 million | 2033 | Serial | 5% | 110.398
|
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