California Statewide Communities offers $650 million Loma Linda bonds

By Sheri Kasprzak

New York, Nov. 24 – The California Statewide Communities Development Authority is on tap to price $650.04 million of series 2014 revenue bonds for the Loma Linda University Medical Center, according to a preliminary official statement.

The offering includes $543.37 million of series 2014A bonds and $106.67 million of series 2014B taxable bonds.

The bonds (/BBB/BBB-) will be sold on a negotiated basis with BofA Merrill Lynch and Goldman Sachs & Co. as the senior managers.

The 2014A bonds are due 2015 to 2028. The maturities for the 2014B bonds have not been set.

Proceeds will be used to finance the acquisition, construction, equipment and repair of medical center facilities, as well as to refund the medical center’s series 2005, 2007 and 2008A-B revenue bonds.

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