Featured Municipal Bond in the Market, Week of 05/22/2017: The Children’s Hospital of Philadelphia Revenue Bonds – $177 Million
This week’s featured bond comes from the State of Pennsylvania. The Philadelphia Authority for Industrial Development is issuing revenue bonds for The Children’s Hospital of Philadelphia in the amount of $177 million the week of May 22, 2017. The bonds consist of a single series, to be used to refund previously issued revenue bonds, Series A of 2007. Security on these revenue bonds is a pledge of gross revenues of The Children’s Hospital of Philadelphia, and The Children’s Hospital of Philadelphia Foundation. Further details on the purposes, security, tax status, and other matters pertaining to these bonds can the found in the preliminary official statement, provided by MuniOS.
The Children’s Hospital of Philadelphia serves the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Area. As of March 2017, the Philadelphia MSA has an unemployment rate of 4.6%, which is 0.1% higher than the national rate for March, and 0.7% lower than at the same time in 2016. The chart below shows the changes in the Philadelphia MSA, State of Pennsylvania, and U.S. unemployment rates for the past ten years. MuniNet provides this data and more, easily accessible, for all 50 states and each Metropolitan Statistical Area in the country, in our Employment Database.
Provided at left is a quick snapshot of financial characteristics of The Children’s Hospital of Philadelphia and Foundation, as of 06/30/2016, along with the medians for other stand alone hospitals for 2015-2016, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database.
These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.