Recent Financings
2021 Financings

Holy Name Medical Center

On July 12, 2021, the Authority closed on $45,437,000 of tax-exempt bonds on behalf of Holy Name Medical Center in Teaneck, New Jersey. The proceeds of the transaction were used to currently refund the Authority’s Series 2016A & Series 2016B bonds and pay the related costs of issuance.  The bonds were privately placed with TD Bank, N.A.

The all-in TIC was 1.864737%. The present value savings over refunded the bonds was $1,652,815. The estimated savings of tax-exempt versus taxable bonds was $1,174,618.  The present value of a 1 basis point change was $37,258.34.

 

AtlantiCare Health System

On August 31, 2021, the Authority along with Bank of America Securities, as the senior managing underwriter, priced the $216,995,000 publicly issued tax-exempt Series 2021 bond financing on behalf of AtlantiCare Health System. The bonds were rated AA- by both Standard & Poor’s and Fitch Ratings.

The proceeds of the Series 2021 bonds will be used to:  (1) refinance a taxable commercial bank loan taken by the Borrower, the proceeds of which were used by the Borrower to repay the Borrower’s debt to Geisinger Health and upon dissociation from Geisinger Health necessitated the refunding, repayment, and/or defeasance of the Borrower’s outstanding indebtedness of Geisinger Health (the “Loan Refinancing”), (2) reimburse the Borrower for the costs of planning, development, acquisition, construction, equipping, expansion, furnishing and renovation of all or a portion of one or more of the various capital projects of the Borrower and its affiliates, (3) fund a debt service reserve fund for the Series 2021 Bonds, if necessary, and (4) pay certain costs incurred in connection with the issuance and sale of the Series 2021 Bonds.

The transaction was structured with fixed rate serial bonds maturing from 2020 to 2039 and bi-furcated fixed rate term bonds maturing in 2046 and 2051.

The all-in total interest cost was 2.403%.