Lancaster Pollard Advises Loma Linda on $400 Million Bond Issuance
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Aug 28, 2018--Lancaster Pollard & Co., LLC recently served as municipal advisor on a 2018A revenue bond issuance for Loma Linda University Medical Center in Loma Linda, California. The issuance was the most recent financing for the organization in an ongoing campus transformation project.
Loma Linda is a regional academic health care system that was required to rebuild its main campus due to state regulatory requirements. During the process, additional cost burdens imposed by the state regulators required Loma Linda to go back to the bond market to finance substantial increases related to steel and delays on grant monies from the state.
The par amount of the bonds totaled approximately $400 million. The bonds were rated BB/BB- by the Standard & Poor’s and Fitch ratings agencies. The proceeds of the financing will be used to fund $200 million in additional steel costs for Loma Linda’s ongoing campus transformation project, and $150 million in other capital expenditures. The remaining $50 million will go toward other funds and assistance programs. The new issuance locked in long-term, low cost, fixed-rate capital for the medical center for 40 years. Grant Goodman led the transaction for the firm.
“This Series 2018 bond financing was essential for us to complete the construction of our campus transformation project and position the hospital for long-term success,” said Angela Lalas, CFO of Loma Linda University Health. “Lancaster Pollard has been our advisor on over $2 billion of debt issuance and is a trusted partner of our institution.”
Lancaster Pollard consists of four companies providing integrated investment banking, mortgage banking, private equity, balance sheet lending and M&A services. Lancaster Pollard is owned by ORIX Corporation USA, a division of leading international financial services group ORIX Corporation. Lancaster Pollard & Co., LLC is an SEC registered municipal advisor.
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CONTACT: Lancaster Pollard & Co.
Tyler Howard, 614-224-8800
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OHIO
INDUSTRY KEYWORD: EDUCATION UNIVERSITY OTHER EDUCATION HEALTH HOSPITALS PROFESSIONAL SERVICES BANKING CONSULTING FINANCE OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY GENERAL HEALTH
SOURCE: Lancaster Pollard & Co.
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PUB: 08/28/2018 01:09 PM/DISC: 08/28/2018 01:09 PM