Published on 1/13/2016 in the Prospect News Municipals Daily.
New Issue: California Health brings to market $475.45 million Sutter Health bonds
By Sheri Kasprzak
New York, Jan. 13 – The California Health Facilities Financing Authority offered $475,445,000 of series 2016A revenue bonds for Sutter Health, said a pricing sheet. The deal was downsized from $500 million.
The bonds (Aa3/AA-/AA-) were sold via Morgan Stanley & Co. LLC.
The bonds are due 2021 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 3.25% to 5% with yields from 1.24% to 3.4%. The 2041 bonds have a 5% coupon priced at 116.107 to yield 3.08% and the 2046 bonds have a 5% coupon priced at 115.558 to yield 3.14%.
Proceeds will be used to construct a new replacement hospital at Van Ness Avenue and Geary Boulevard in San Francisco, a new replacement hospital for St. Luke’s Hospital in San Francisco and a replacement hospital for Sutter Santa Rosa Regional Hospital.
| Issuer: | California Health Facilities Financing Authority/Sutter Health
|
| Issue: | Series 2016A revenue bonds
|
| Amount: | $475,445,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Sutter Securities Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA-
|
| Pricing date: | Jan. 13
|
| Settlement date: | Feb. 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,325,000 | 2021 | Serial | 5% | 120.919 | 1.24%
|
| $4,545,000 | 2022 | Serial | 5% | 122.926 | 1.44%
|
| $4.77 million | 2023 | Serial | 5% | 124.372 | 1.65%
|
| $5.01 million | 2024 | Serial | 5% | 125.702 | 1.82%
|
| $5.26 million | 2025 | Serial | 5% | 126.839 | 1.97%
|
| $5.52 million | 2026 | Serial | 5% | 125.422 | 2.11%
|
| $5.8 million | 2027 | Serial | 5% | 124.024 | 2.25%
|
| $6,085,000 | 2028 | Serial | 5% | 122.743 | 2.38%
|
| $6.39 million | 2029 | Serial | 5% | 121.962 | 2.46%
|
| $6.71 million | 2030 | Serial | 5% | 121.38 | 2.52%
|
| $7.05 million | 2031 | Serial | 5% | 120.131 | 2.65%
|
| $7.4 million | 2032 | Serial | 5% | 119.37 | 2.73%
|
| $18,075,000 | 2033 | Serial | 5% | 118.803 | 2.79%
|
| $18,975,000 | 2034 | Serial | 5% | 118.333 | 2.84%
|
| $19,925,000 | 2035 | Serial | 5% | 117.865 | 2.89%
|
| $37,405,000 | 2036 | Serial | 3.25% | 97.774 | 3.40%
|
| $127.39 million | 2041 | Term | 5% | 116.107 | 3.08%
|
| $184.81 million | 2046 | Term | 5% | 115.558 | 3.14%
|
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