July 13, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $170,255,000 in tax-exempt and taxable bonds for Emanate Health, located in the cities of Covina, West Covina, and Glendora.
About Emanate Health:
Emanate Health is the largest nonprofit health care delivery system in the East San Gabriel Valley of Southern California. The Emanate Health System includes three acute care hospitals with a total of 621 licensed acute care beds, a ten-bed inpatient hospice facility, a home health care agency and a network of medical clinics and diagnostic facilities. In each of the past three years, nearly one million residents in the East San Gabriel Valley relied on the Emanate Health System for their health care needs. The Emanate Health System provides care in both inpatient and outpatient settings across a range of medical, surgical and specialty services, including specialization in cancer treatment, behavioral health services, wound care, cardiology, diabetes education, neurology, gastroenterology, maternity/obstetrics/gynecology, emergency rescue and outreach to the partially sighted.
About the Financing:
CSCDA partnered with Kaufman Hall, Barclays, and Orrick, Herrington & Sutcliffe, LLP to provide the $170,255,000 in Series 2020 bonds. The Series 2020 bonds were issued to finance the construction of two separate buildings at the Queen of the Valley Hospital campus located in West Covina, California, finance upgrades to Emanate Health Inter-Community Hospital, which is located in Covina, finance the conversion of an existing building in Glendora into a primary and specialty care facility that will be known as the “Glendora Amelia Medical Office Building” and refinance Emanate’s 1998 Certificates of Participation.
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 $63 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 Emanate Health, please visit: www.emanatehealth.org
CLICK HERE to download a PDF version of this announcement