Recent Financings
2017 Issues

Trinitas

On April 3, 2017, the Authority closed on $82,970,000 of bonds issued on behalf of Trinitas Regional Medical Center

The bonds will be used to: to refund all of the NJHCFFA issued Trinitas Hospital Series 2007A & 2007B bonds; to refinance all of the Trinitas Hospital Taxable Variable Rate Demand Bonds, Series 2006; to reimburse Trinitas for capital expenditures associated with the Emergency Room renovation project; and pay the related costs of issuance.

Bond rating: Baa2 (Moody’s) and BBB (S&P)

Publicly offered (Bank of America Merrill Lynch was lead underwriter)

The transaction resulted in present value savings of $17,127,240 or 15.62% of refunded bonds. 

Estimated savings of approximately $10 million or 132 basis points versus taxable bonds.

The all-in TIC was approximately 3.107%

 

Hackensack Meridian

On April 20, 2017, the Authority is expected to closed on $588,790,000 of bonds issued on behalf of Hackensack Meridian Health

The bonds will be used to:  refund, refinance and/or restructure outstanding obligations of both Hackensack University Medical Center and Meridian Health in order to place them under a new Master Trust Indenture; to fund a new money project consisting of approximately $100 million to reimburse HMH for the HOPE Tower at Jersey Shore Medical Center; and to pay the related costs of issuance.

Bonds refunded: Revenue Bonds, Meridian Health System Obligated Group Issue, Series 2007; Revenue Bonds, Hackensack University Medical Center Issue, Series 2008; Revenue and Refunding Bonds, Hackensack University Medical Center Issue, Series 2010; Revenue and Refunding Bonds, Hackensack University Medical Center Issue, Series 2010B; and Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013.

Bond rating AA- (Fitch) and A+ (S&P)

Publicly offered (Bank of America Merrill Lynch was lead underwriter)

The transaction resulted in present value savings of $37,902,290 or 6.871% of refunded bonds. 

Estimated savings of $35.9 million or 62.3 basis points versus taxable bonds.

The all-in TIC was approximately 3.915%