California State Treasurer Fiona Ma on Dec. 19 announced the sale of $92.1 million in tax-exempt revenue bonds for Roseville, Calif.-based Adventist Health, according to the Orange County Breeze.
Five things to know:
1. Adventist plans to use proceeds from the bonds to finance capital projects across 12 of its California hospitals and some of its clinics, according to the report.
2. The tax-exempt bonds are rated "A-" by S&P Global Ratings and "A" by Fitch Ratings. The bonds were structured with a six-year mandatory put date of Sept. 1, 2028, were priced at an initial yield of 3.13 percent and have a final maturity date of March 1, 2040.
3. The sale was approved by the California Health Facilities Financing Authority board — the state's platform for providing financial assistance to public and nonprofit healthcare providers — which is chaired by Ms. Ma. Since it was established in 1979, the CHFFA has completed 637 bonds and note issues providing more than $45 billion to California healthcare facilities.
4. The bonds were priced on Dec. 8 and issued Dec. 19.
5. Adventist owns, operates or manages 23 hospitals and 370 clinics across California, Hawaii, Oregon and Washington.