By Sheri Kasprzak
New York, April 25 - Sutter Health priced $321.345 million in series 2008 revenue bonds through the California Health Facilities Financing Authority on Thursday, said Joe DeAnda, spokesman for the state treasurer's office.
The bonds (Aa3/AA-/ ) were sold on a negotiated basis with Morgan Stanley as the lead manager.
The bonds are due from 2008 to 2018 with term bonds due 2022, 2030 and 2038. The coupons for the serial bonds range from 3% to 5.5% with yields from 2.68% to 4.32%. The 2022 bonds have a 5.25% coupon to yield 4.71%, the 2030 bonds have a 5% coupon with a 5.10% yield, and the 2038 bonds have a 5% coupon with a 5.21% yield.
Proceeds will be used to repay a line of credit.
| Issuer: | Sutter Health
|
| Issue: | Series 2008 revenue bonds
|
| Amount: | $321.345 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley (lead)
|
| Ratings: | Moody's: Aa3
|
| S&P: AA-
|
| Pricing date: | April 24
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2008 | Serial | 3% | Sealed bid
|
| 2009 | Serial | 5% | 2.68%
|
| 2010 | Serial | 5% | 2.98%
|
| 2011 | Serial | 5% | 3.26%
|
| 2012 | Serial | 5% | 3.49%
|
| 2013 | Serial | 5% | 3.63%
|
| 2014 | Serial | 5% | 3.77%
|
| 2015 | Serial | 5% | 3.92%
|
| 2016 | Serial | 5.5% | 4.07%
|
| 2017 | Serial | 5.5% | 4.20%
|
| 2018 | Serial | 5.5% | 4.32%
|
| 2022 | Term | 5.25% | 4.71%
|
| 2030 | Term | 5% | 5.10%
|
| 2038 | Term | 5% | 5.21%
|
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