Bond Series: 2012 Series A Bonds
Closed: December 7, 2012
Bond Size: $19,900,000
Credit Rating: Not Rated
Credit Enhancement: None
Purchaser: TD Bank, N.A.
Interest Rate: Variable Rate, Tax-Exempt
Final Maturity: 2032
Yield: Variable Rate
Purpose: i) Refund the Medical Center’s outstanding $12.3 million Series 2010-A bonds; ii) finance approximately $7.5 million of routine capital expenditures; and iii) Pay for issuance costs related to the financing.
Project Benefit: The refund is expected to lower the Medical Center’s cost of borrowing by 65 to 80 basis points as compared to the refunded bonds. It will also help to support the continuing need to adequately maintain the physical plant and equipment necessary to provide health care services to NMC’s community.
Economic Benefits: N/A