Melio & Company advised Partners HealthCare System on the issuance of $146 million of Series 2014 M-3 and M-5 Index Floating Rate Bonds.
In January 2014, on behalf of Partners HealthCare System, Massachusetts Development Finance Authority issued $146,040,000 of Series 2014 M-3 and M-5 Index Floating Rate Bonds. The bonds were underwritten by J.P. Morgan. After a successful order period and strong investor demand for the $74,110,000 Series 2014 M-3 Floating Rate Bonds offering, Partners HealthCare System offered an additional $71,930,000 Series 2014 M-5 Floating Rate Bonds. Partners HealthCare System was able to secure the lowest cost of capital and most favorable terms.
The proceeds of the sale of the Series 2014 M-3 and M5 Bonds were used to (i) refund all of the Series 2011 K-3 Bonds and Series 2003 D-3 Bonds, respectively; and (ii) pay certain costs and expenses incurred in connection with the issuance of the Series M-3 and M-5 Bonds.