Princeton HealthCare System
On January 20, 2016, the Authority closed on $275, 065,000 in bonds on behalf of Princeton HealthCare System. The bonds were issued in three series: $190,065,000 publicly issued tax-exempt series 2016A; $65,000,000 Series 2016B directly placed with Wells Fargo; and, $20 million Series 2016C directly placed with Bank of America.
The proceeds of the combined Series 2016A, Series 2016B and Series 2016C issuances were used to currently refund all or a portion of the Authority’s Princeton Medical Center Series 2010B, 2010C & 2010D Bonds; refinance all or a portion of a Bank of America loan; construct a surface parking lot on the hospital’s campus; and pay the related costs of issuance.
The bonds were rated Baa2 by Moody’s and BBB by Fitch.
The all-in TIC for the Series 2016A was 3.66%. The all-in TIC for Series 2016B was 1.87% and was also 1.87% for Series 2016B
Meridian Hospital Corporation
On March 16, 2016, the Authority closed on $131,500,000 of bonds for Meridian Hospital Corporation (Meridian.) Meridian is comprised of Jersey Shore University Medical Center, Riverview Medical Center, Ocean Medical Center, Southern Ocean County Hospital, Bayshore Community Hospital, and K. Hovnanian Children’s Hospital.
The proceeds of the bonds were used to: refund the Series 2012A bonds; refund the Series 2012B bonds; refund the Series 2012C bonds; fund a debt service reserve fund: and, pay the related costs of issuance.
The bonds were privately place with Bank of America with an initial interest rate of 0.08%.