Sutter Health, Calif., preps $900 million sale of revenue bonds

By Sheri Kasprzak

New York, Jan. 11 - Sutter Health of California is expected to price $900 million of series 2011 revenue bonds through the California Statewide Communities Development Authority and the California Health Facilities Financing Authority, according to a preliminary official statement.

The offering includes $325 million of series 2011A bonds from California Statewide Communities Development and $575 million of series 2011B bonds from California Health Facilities Financing.

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

The maturities have not been set.

Proceeds will be used to financing the health care system's ongoing capital plan, as well as refund existing debt.

Based in Sacramento, Sutter operates hospitals and health care facilities mostly in Northern California. The California Statewide Communities Development Authority, headquartered in Walnut Creek, provides funding for a variety of nonprofit organizations. The California Health Facilities Financing Authority, based in Sacramento, provides funding for health care facilities.

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