By Sheri Kasprzak
New York, July 2 - The Birmingham Hospital in Alabama priced $109.925 million in series 2008A revenue bonds, according to an official statement.
The bonds (A1/A+/) were sold on a negotiated basis with Morgan Keegan & Co. as the senior manager. The co-managers are Merrill Lynch and Prospective Securities.
The bonds were sold through the Board of Trustees of the University of Alabama.
The bonds are due from 2008 to 2018 with term bonds due 2022 and 2025. The serial bonds have coupons from 4% to 5.25% with yields from 2.95% to 5.1%. The 2022 bonds have a 5.75% coupon to yield 5.37%, and the 2025 bonds have a 5.25% coupon to yield 5.5%.
Proceeds will be used to refinance debt.
| Issuer: | Birmingham Hospital/ Board of Trustees of the University of Alabama
|
| Issue: | Series 2008A revenue bonds
|
| Amount: | $109.925 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan (lead); Merrill Lynch; Prospective Securities
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | June 25
|
| Settlement date: | July 9
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2008 | Serial | 4% | 2.95%
|
| 2009 | Serial | 4% | 2.95%
|
| 2010 | Serial | 5% | 3.90%
|
| 2011 | Serial | 4% | 4.25%
|
| 2012 | Serial | 5% | 4.42%
|
| 2013 | Serial | 5% | 4.51%
|
| 2014 | Serial | 4.5% | 4.68%
|
| 2015 | Serial | 5% | 4.79%
|
| 2016 | Serial | 5% | 4.92%
|
| 2017 | Serial | 5.25% | 5.01%
|
| 2018 | Serial | 5% | 5.10%
|
| 2022 | Term | 5.75% | 5.37%
|
| 2025 | Term | 5.25% | 5.50%
|
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