The North Carolina Local Government Commission approved $325 million of bonds for the city of Charlotte and $540 million in bonds for Duke University Health System Tuesday.
The Duke Health bonds are rated Aa3 by Moody's Ratings, AA-minus by S&P Global Ratings and AA-minus by Fitch Ratings.
Duke Health plans to sell the bonds in June.
The senior underwriter is JP Morgan Securities, according to the commission. The municipal advisor is Kaufman, Hall & Associates. The bond counsel is Robinson, Bradshaw & Hinson. The bond trustee is Bank of New York Mellon Trust.
The bonds will be issued through the North Carolina Medical Care Commission, which already approved the bonds. The conduit revenue bonds will be used to refinance Series 2005A/B, Series 2006, Series 2016B and Series 2016C bonds and to pay for a portion of the cost of purchasing land, construction and equipping a new facility.
The bonds will have a final maturity in June 2055 and an estimated all-in true interest cost of 4.417%.
The senior underwriter is BofA Securities. The municipal advisor is DEC Associates. The bond counsel is Parker Poe Adams & Bernstein.
The bond trustee is U.S. Bank Trust Co. N.A.
They are expected to be priced on May 21.
The estimated all-in true interest cost for the Series 2025A-1 (non-AMT) is 4.93%, Series 2025A-2 (non-AMT refunding portion) is 4.04%, Series 2025B (AMT) is 5.27% and taxable is 6.5%.
Bond proceeds will be used to refund the city's airport refunding revenue bonds Series 2014A (non-AMT) and pay for
