By Sheri Kasprzak
New York, Dec. 11 – The California Statewide Communities Development Authority sold $683,305,000 of series 2014 revenue bonds for the Loma Linda University Medical Center, according to a pricing sheet.
The deal included $547,575,000 of series 2014A bonds, $122.84 million of series 2014B taxable bonds and $12.89 million of series 2014C taxable bonds.
The 2014A bonds are due 2029, 2034, 2044 and 2054. The 2029 bonds have a 5.25% coupon priced at 108.626 to yield 4.18%, and the 2034 bonds have a 5.25% coupon priced at 106.449 to yield 4.44%. The 2044 bonds have a 5.25% coupon priced at 104.324 to yield 4.7%, and the 2054 bonds have a 5.5% coupon priced at 104.193 to yield 4.96%.
The 2014B bonds are due Dec. 1, 2024 and have a 6% coupon priced at par.
The 2014C bonds are due Dec. 1, 2016 and have a 2.75% coupon priced at par.
The bonds (/BBB/BBB-) were sold through senior manager BofA Merrill Lynch and Goldman Sachs & Co.
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.
| Issuer: | California Statewide Communities Development Authority/Loma Linda University Medical Center
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $683,305,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Goldman Sachs & Co. (lead)
|
| Ratings: | Standard & Poor’s: BBB
|
| Fitch: BBB-
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 23
|
|
|
| $547,575,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $43.58 million | 2029 | Term | 5.25% | 108.626 | 4.18%
|
| $56.28 million | 2034 | Term | 5.25% | 106.449 | 4.44%
|
| $166,575,000 | 2044 | Term | 5.25% | 104.324 | 4.70%
|
| $281.14 million | 2054 | Term | 5.5% | 104.193 | 4.96%
|
|
|
| $122.84 million series 2014B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2024 | Term | 6% | 100
|
|
|
| $12.89 million series 2014C taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2016 | Term | 2.75% | 100
|
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