California Communities to sell $355 million of bonds for Sutter Health

By Sheri Kasprzak

New York, Dec. 1 - The California Statewide Communities Development Authority is set to offer $355 million of series 2011 revenue bonds for Sutter Health, according to a preliminary official statement.

The deal includes $37 million of series 2011C bonds and $318 million of series 2011D bonds.

The bonds (Aa3//AA-) will be sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The co-managers are Bank of America Merrill Lynch and Sutter Securities Inc.

The maturity dates have not been determined.

Proceeds will be used to construct and equip an urban replacement facility in Oakland, Calif., as well as to refund the health care system's series 1999 certificates of participation and its series 1997, 1998, 1999 and 2000 revenue bonds.

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