Dignity Health, Calif., organizes $718 million offering taxable bonds

By Sheri Kasprzak

New York, Sept. 29 – Dignity Health of California is on tap to price $718 million of series 2014A taxable bonds, according to a preliminary official statement. The offering may be upsized to $888 million depending upon market conditions.

The bonds (A3/A/A) will be sold on a negotiated basis with J.P. Morgan Securities LLC and Citigroup Global Markets Inc. as the senior managers. The co-managers are Mizuho Securities, Barclays, Deutsche Bank Securities, Fifth Third Securities Inc. and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to reimburse the health care system for previous capital expenditures, fund future capital expenditures, refinance existing bonds and refinance amounts drawn on a line of credit facility.

Dignity Health is headquartered in San Francisco.

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