Published on 6/21/2012 in the Prospect News Municipals Daily.
New Issue: California Statewide Communities brings $117.47 million of Sutter Health bonds
By Sheri Kasprzak
New York, June 21 - The California Statewide Communities Development Authority priced $117,465,000 of series 2012A revenue bonds for Sutter Health, according to a term sheet.
The bonds (Aa3/AA-/AA-) were sold through Morgan Stanley & Co. LLC and Bank of America Merrill Lynch.
The bonds are due 2018 to 2028 with a term bond due in 2032. The serial coupons range from 3% to 5%. The 2032 bonds have a split maturity with a 4% coupon priced at 98.771 and a 5% coupon priced at 109.452.
Proceeds will be used to refund the health care system's series 2002B revenue bonds
| Issuer: | California Statewide Communities Development Authority/Sutter Health
|
| Issue: | Series 2012A revenue bonds
|
| Amount: | $117,465,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Bank of America Merrill Lynch (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | June 21
|
| Settlement date: | July 11
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2018 | Serial | 3% | 107.195
|
| $3.08 million | 2018 | Serial | 5% | 118.708
|
| $2 million | 2019 | Serial | 4% | 112.461
|
| $3.32 million | 2019 | Serial | 5% | 119.02
|
| $2 million | 2020 | Serial | 4% | 111.705
|
| $3.59 million | 2020 | Serial | 5% | 119.022
|
| $1,075,000 | 2021 | Serial | 4% | 110.844
|
| $2 million | 2022 | Serial | 4% | 110.024
|
| $3.92 million | 2022 | Serial | 5% | 118.742
|
| $7,915,000 | 2023 | Serial | 5% | 116.735
|
| $8,305,000 | 2024 | Serial | 5% | 115.047
|
| $8,715,000 | 2025 | Serial | 5% | 114.03
|
| $9,155,000 | 2026 | Serial | 5% | 113.205
|
| $675,000 | 2027 | Serial | 4% | 102.335
|
| $8.94 million | 2027 | Serial | 5% | 112.388
|
| $5 million | 2028 | Serial | 5% | 111.668
|
| $5,265,000 | 2032 | Term | 4% | 98.771
|
| $40.51 million | 2032 | Term | 5% | 109.452
|
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