Published on 10/10/2014 in the Prospect News Municipals Daily.
New Issue: Dignity Health, Calif., brings to market $888 million of taxable bonds
By Sheri Kasprzak
New York, Oct. 10 – Dignity Health of California sold $888 million of series 2014A taxable bonds, according to a pricing sheet. The deal was upsized from $718 million.
The bonds (A3/A/A) were sold through J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The bonds are due Nov. 1, 2019; Nov. 1, 2024; and Nov. 1, 2064.
The 2019 bonds have a 2.637% coupon, the 2024 bonds have a 3.812% coupon and the 2064 bonds have a 5.267% coupon all priced at par.
Proceeds will be used to reimburse the health care system for previous capital expenditures, fund future capital expenditures, refinance existing bonds and refinance amounts drawn on a line of credit facility.
| Issuer: | Dignity Health
|
| Issue: | Series 2014A taxable bonds
|
| Amount: | $888 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Mizuho Securities, Barclays, Deutsche Bank Securities, Fifth Third Securities Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $338 million | Nov. 1, 2019 | Term | 2.637% | 100
|
| $250 million | Nov. 1, 2024 | Term | 3.812% | 100
|
| $300 million | Nov. 1, 2064 | Term | 5.267% | 100
|
|
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