Published on 12/17/2014 in the Prospect News Municipals Daily.
New Issue: Maine Health brings to market $85.09 million MaineHealth revenue bonds
By Sheri Kasprzak
New York, Dec. 17 – The Maine Health and Higher Educational Facilities Authority sold $85,085,000 of series 2014 revenue bonds for MaineHealth, according to a pricing sheet.
The bonds (/A+/) were sold through Morgan Stanley & Co. LLC and BofA Merrill Lynch.
The bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with yields from 0.25% to 3.44%. The 2039 bonds have a 5% coupon priced at 111.418 to yield 3.57% and the 2044 bonds have a 4% coupon priced at 98.803 to yield 4.07%.
Proceeds will be used to construct and equip the Maine Medical Center’s Bean Building level 2 and to construct and equip a new medical building in Norway, Maine.
| Issuer: | Maine Health and Higher Educational Facilities Authority/MaineHealth
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $85,085,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and BofA Merrill Lynch (lead), Goldman, Sachs & Co., Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor’s: A+
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 7
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $140,000 | 2015 | Serial | 2% | 100.844 | 0.25%
|
| $290,000 | 2016 | Serial | 3% | 103.614 | 0.55%
|
| $300,000 | 2017 | Serial | 4% | 107.595 | 0.90%
|
| $310,000 | 2018 | Serial | 3% | 105.736 | 1.31%
|
| $320,000 | 2019 | Serial | 5% | 114.559 | 1.62%
|
| $335,000 | 2020 | Serial | 4% | 110.886 | 1.90%
|
| $350,000 | 2021 | Serial | 4% | 111.203 | 2.14%
|
| $360,000 | 2022 | Serial | 5% | 117.787 | 2.39%
|
| $380,000 | 2023 | Serial | 4% | 110.998 | 2.55%
|
| $395,000 | 2024 | Serial | 4% | 110.9 | 2.69%
|
| $410,000 | 2025 | Serial | 4% | 109.497 | 2.85%
|
| $425,000 | 2026 | Serial | 5% | 116.94 | 2.94%
|
| $2.73 million | 2027 | Serial | 5% | 115.863 | 3.06%
|
| $2,845,000 | 2028 | Serial | 5% | 115.152 | 3.14%
|
| $2,995,000 | 2029 | Serial | 5% | 114.71 | 3.19%
|
| $2.63 million | 2030 | Serial | 5% | 114.27 | 3.24%
|
| $4.15 million | 2031 | Serial | 5% | 113.833 | 3.29%
|
| $4,365,000 | 2032 | Serial | 5% | 113.397 | 3.34%
|
| $4.59 million | 2033 | Serial | 5% | 112.963 | 3.39%
|
| $4,825,000 | 2034 | Serial | 5% | 112.531 | 3.44%
|
| $24,305,000 | 2039 | Term | 5% | 111.418 | 3.57%
|
| $27,635,000 | 2044 | Term | 4% | 98.803 | 4.07%
|
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