Published on 7/27/2016 in the Prospect News Municipals Daily.
New Issue: California Health brings $848.72 million of Sutter Health revenue bonds
By Sheri Kasprzak
New York, July 27 – The California Health Facilities Financing Authority sold $848.72 million of series 2016 revenue and refunding bonds for Sutter Health, according to a pricing sheet. The deal was downsized from $850 million.
The deal included $748.72 million of series 2016B refunding revenue bonds and $100 million of series 2016C revenue bonds.
The 2016B bonds are due 2023 to 2036 with term bonds due in 2038, 2041 and 2046. The serial bonds have 5% coupons. The 2038 bonds have a 4% coupon priced at 111.279, and the 2041 bonds have a 4% coupon priced at 110.996. The 2046 bonds have a 5% coupon priced at 122.772.
The 2016C bonds are due Aug. 15, 2053 with a 1% coupon priced at par.
The bonds (Aa3/AA-/AA-) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to refund the authority’s series 2007A revenue bonds and to construct a new hospital at Van Ness Avenue and Geary Boulevard and a new hospital adjacent to St. Luke’s Hospital, both in San Francisco.
| Issuer: | California Health Facilities Financing Authority/Sutter Health
|
| Issue: | Series 2016 revenue and refunding bonds
|
| Amount: | $848.72 million
|
| 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
|
| S&P: AA-
|
| Fitch: AA-
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 17
|
|
|
| $748.72 million series 2016B refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.58 million | 2023 | Serial | 5% | 125.894
|
| $3.7 million | 2024 | Serial | 5% | 128.116
|
| $3.81 million | 2025 | Serial | 5% | 130.005
|
| $3,925,000 | 2026 | Serial | 5% | 131.674
|
| $3.97 million | 2027 | Serial | 5% | 130.138
|
| $4.19 million | 2028 | Serial | 5% | 128.947
|
| $4,315,000 | 2029 | Serial | 5% | 127.981
|
| $4.44 million | 2030 | Serial | 5% | 127.449
|
| $4.59 million | 2031 | Serial | 5% | 126.813
|
| $4,735,000 | 2032 | Serial | 5% | 126.181
|
| $4,885,000 | 2033 | Serial | 5% | 125.448
|
| $12,165,000 | 2034 | Serial | 5% | 124.928
|
| $12,635,000 | 2035 | Serial | 5% | 124.411
|
| $13.03 million | 2036 | Serial | 5% | 123.998
|
| $27.19 million | 2038 | Term | 4% | 111.279
|
| $147,385,000 | 2041 | Term | 4% | 110.996
|
| $490,175,000 | 2046 | Term | 5% | 122.772
|
|
|
| $100 million series 2016C revenue bonds
|
| Maturity | Type | Coupon | Price
|
| Aug. 15, 2053 | Term | 1% | 100
|
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