CSCDA Issues $132,780,000 in Tax-Exempt Bonds for Montage Health

November 17, 2021

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $132,780,000 in tax-exempt bonds for Montage Health, in Monterey, California.

About Montage Health:

Montage Health, a California nonprofit public benefit corporation, owns and operates a 258 licensed-bed acute care hospital located in the Carmel Hill area of the Monterey Peninsula in Northern California.  Montage also owns and operates Westland House, a 28-bed skilled nursing and hospice facility, and an outpatient hospice facility located in Monterey, California and provides outpatient healthcare services at various outpatient facilities throughout Monterey County.  Montage is the market leader for acute care services in its Primary Service Area, identified as the Monterey Peninsula, which includes the communities of Seaside, Monterey, Carmel Valley, Pacific Grove, Marina, Pebble Beach, Sand City, Del Rey Oaks, Big Sur, and unincorporated areas of Monterey County located on the peninsula.

About the Financing:

CSCDA partnered with Piper Sandler and Norton, Rose, Fulbright, LLP to issue the $132,780,000 in tax-exempt bonds for Montage.  The bonds will be used to finance the construction of Montage’s new 55,600 square-foot child and adolescent behavioral health facility, and to refund its prior issued 2017 bonds.

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 $65 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.

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