By Josh Beckerman
Tarrant County Cultural Education Facilities Finance Corp. sold $280.4 million of hospital revenue refunding bonds.
Proceeds will be loaned to Baylor Scott & White Health, a Dallas-based not-for-profit healthcare system that had assets of $20.4 billion at June 30. BSW Health will refund certain bonds issued from 2011 through 2022, according to a document posted on MuniOS Monday.
Interest rates will be variable. The $97 million of Series 2024A bonds and $88.5 million of Series 2024B bonds will initially be issued in daily mode, while the $45 million of Series 2024C bonds and $50 million of Series 2024D securities will initially be in weekly mode. The maturity dates are in 2050 for all of the bonds.
According to Tarrant County's website, "The enabling statutes under which the Cultural Education Facilities Finance Corporation operate simplify bond issuance as opposed to the Hospital Authority." Tarrant County, which includes Fort Worth, has a population of about 2.1 million.
Meanwhile, BSW Health is offering up to $900 million of commercial paper.
Moody's Ratings has an Aa3 rating for the Series 2024A, Series 2024C and Series 2024D bonds, with an Aa1 rating for the Series 2024B securities. S&P Global Ratings has AA- ratings for the Series 2024A, Series 2024C and Series 2024D bonds, with a rating of AA+ for the Series 2024B bonds.
J.P. Morgan is the underwriter for the Series 2024A bonds and Series 2024C bonds, while Barclays is the underwriter for the others.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
11-19-24 1852ET
