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CSCDA Issues $327,590,000 in Tax-Exempt Bonds for John Muir Health

June 23, 2016

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $327,590,000 in tax-exempt bonds for John Muir Health in Walnut Creek, California.

About John Muir Health:

John Muir Health, a nonprofit organization (John Muir), includes two of the largest medical centers in Contra Costa County: John Muir Medical Center, Walnut Creek, a 554-licensed bed medical center that serves as Contra Costa County's only designated trauma center; and John Muir Medical Center, Concord, a 245-licensed bed medical center in Concord.  Together, they are recognized as preeminent centers for neurosciences, orthopedics, cancer care, cardiovascular care and high-risk obstetrics.  John Muir Health also offers complete inpatient and outpatient behavioral health programs and services at its Behavioral Health Center, a fully accredited, 73-bed psychiatric hospital located in Concord.  Other areas of specialty include general surgery, robotic surgery, weight-loss surgery, rehabilitation and critical care.  In addition, John Muir provides a number of primary care and outpatient services throughout the community and urgent care centers in Brentwood, Concord, Pleasanton, San Ramon and Walnut Creek.

About the Financing:

CSCDA partnered with Bank of America Merrill Lynch, Morgan Stanley, and Wells Fargo Securities to underwrite the $231,825,000 in Series 2016A bonds.  The Series 2016A bonds were issued to refinance CSCDA’s existing Series 2006A bonds and to finance certain improvements to John Muir’s Walnut Creek and Concord campuses.  In addition, $95,765,000 of Series 2016B and 2016C bonds were issued to refinance CSCDA’s existing Series 2008A and 2008C bonds.  The refinancing of prior bonds resulted in a significantly reduced interest cost and more attractive terms for John Muir.

About CSCDA:

CSCDA is a joint powers authority created in 1988 and is sponsored by the California State Association of Counties and the League of California Cities.  More than 530 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects.  CSCDA has issued more than $57 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.

For more information about CSCDA, please visit: www.cscda.org

For more information about John Muir Health, please visit: www.johnmuirhealth.com

CLICK HERE to download a PDF version of this announcement


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