Catholic Healthcare West of California to sell $524.95 million in fixed-rate bonds Thursday

By Sheri Kasprzak

New York, April 30 - Catholic Healthcare West in California plans to sell $524.95 million in fixed-rate revenue bonds on Thursday, the issuer told Prospect News Wednesday.

The sale includes $226.25 million in series 2008A, 2008B, 2008C, 2008D and 2008E bonds and $298.7 million in series 2008F, 2008G, 2008H, 2008I, 2008J and 2008K bonds.

The bonds (A2/A/A+) will be sold through the California Statewide Communities Development Authority.

The bonds will be sold on a negotiated basis with Citigroup Global Markets and J.P. Morgan Securities Inc. as the senior managers.

The bonds will be sold in addition to $90 million in insured fixed-rate bonds (A2/A/A+), which will also be sold on Thursday.

"These two offerings are part of CHW's careful strategy to broad diversification in managing both investment and debt portfolios," said Michael Blaszyk, Catholic Healthcare's executive vice president and chief financial officer.

Proceeds from the sale will be used to retire the health care facility's auction-rate bonds.

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