Published on 11/21/2008 in the Prospect News Municipals Daily.
New Issue: University Health Systems of Eastern Carolina prices $508 million revenue refunding bonds
By Aaron Hochman-Zimmerman
New York, Nov. 21 - The University Health Systems of Eastern Carolina priced $508.6 million in revenue refunding bonds (A1/A+/AA-) with maturities ranging from 2009 to 2036 on Wednesday, according to Chris Taylor of University Health Systems.
Series 2008 A-1 and A-2 each priced as $56 million of 3.452% bonds at par with an average life of 12.15 years.
Series 2008 B-1 and B-2 each priced as $62 million of 3.472% bonds at par with an average life of 12.89 years.
University Health Systems also priced nine term bonds with coupons ranging from 3.27% to 6.75% and maturities from 2028 to 2036.
Proceeds from the sale went to refund the commission's 2006 bonds and make a deposit to debt service reserve fund.
| Issuer: | University Health Systems of Eastern Carolina
|
| Amount: | $508.6 million
|
| Pricing date: | Nov. 19
|
| Underwriters: | Citigroup Global Markets (lead for 2008D and 2008E); Edward Jones & Co. (lead for 2008C); Banc of America Securities and BB&T Capital Markets (co-managers for 2008D and 2008E); Merrill Lynch & Co. (co-manager for 2008C); 2008C bonds due 2009 to 2018 with term bonds due 2023, 2026 and 2036; 2008D bonds due 2033; 2008E bonds due 2036
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
|
|
| Series C serial bonds:
|
|
|
| Maturity | Date | Amount | Rate | Price | Yield
|
| Dec. 1, 2009 | 305,000 | 3.500% | 100 | 3.500%
|
| Dec. 1, 2010 | 410,000 | 4.000% | 100 | 4.000%
|
| Dec. 1, 2011 | 670,000 | 4.350% | 100 | 4.350%
|
| Dec. 1, 2012 | 755,000 | 4.600% | 100 | 4.600%
|
| Dec. 1, 2013 | 790,000 | 4.850% | 100 | 4.850%
|
| Dec. 1, 2014 | 825,000 | 5.050% | 100 | 5.050%
|
| Dec. 1, 2015 | 835,000 | 5.250% | 100 | 5.250%
|
| Dec. 1, 2016 | 930,000 | 5.450% | 100 | 5.450%
|
| Dec. 1, 2017 | 1,000,000 | 5.600% | 100 | 5.600%
|
| Dec. 1, 2018 | 1,060,000 | 5.750% | 100 | 5.750%
|
|
|
| Term bonds:
|
|
|
| Maturity | | Amount | Price | Average Coupon | Average Life
|
| Series 2008A-1 | Dec.12, 2028 | 56,345,000.00 | 100 | 3.452% | 12.156
|
| Series 2008A-2 | Dec.12, 2028 | 56,345,000.00 | 100 | 3.452% | 12.153
|
| Series 2008B-1 | Dec.1, 2036 | 61,920,000.00 | 100 | 3.427% | 12.892
|
| Series 2008B-2 | Dec.1, 2036 | 61,930,000.00 | 100 | 3.427% | 12.895
|
| Series 2008C | Dec.1, 2023 | 7,800,000.00 | 100 | 6.250% | 13.293
|
| Series 2008C | Dec.1, 2026 | 8,515,000.00 | 100 | 6.400% | 17.065
|
| Series 2008C | Dec.1, 2029 | 29,815,000.00 | 92.967 | 6.000% | 20.458
|
| Series 2008C | Dec.1, 2033 | 89,900,000.00 | 94.001 | 6.250% | 23.539
|
| Series 2008C | Dec.1, 2036 | 128,460,000.00 | 100 | 6.222% | 24.349
|
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