Providence St. Joseph Health

CUSIP: 13032UFN3

NAME: Providence St. Joseph Health

COUPON: 3.00%

MATURITY: 10/1/2047

BONDHOLDER SECURITY: The Bonds are a joint and several, unsecured obligation of the Obligated Group.

USE OF BOND PROCEEDS: Refinance outstanding debt of St. Joseph Health and Providence Health, and to pay costs of issuance.

RATINGS: Aa3 (Moody’s)

OBLIGOR PROFILE: Effective July 1, 2016, Providence Health & Services, a Washington non-profit corporation, and St. Joseph Health System merged to form one system (“the Obligated Group’).  The members of the Obligated Group own and operate fifty acute care hospital facilities and twenty-three skilled nursing facilities.  They have a combined bed complement of 13,481 beds throughout seven states (AK, WA, MT, OR, CA, NM, TX), with 829 clinics over 23,000 affiliated physicians,  and pro-forma revenues of $21.0 billion.  This makes PSJH the second largest not- for -profit health care system in the US. Pro-forma day’s cash on hand as of June 30, 2016 is 167. Pro-forma debt service coverage FYE Dec. 31, 2015 is 4.6x. Pro-forma debt outstanding is approximately $ 6.0 billion.

(Source: Official Statement dated August 23, 2016)

 

Although this information is obtained from sources believed to be reliable, we cannot guarantee its completeness or accuracy.  For complete information regarding these bonds, please review the Official Statement, which can be provided upon request.  Investing in bonds involves risk including possible loss of principal.  Income may be subject to state, local, or federal alternative minimum tax.  Offerings are subject to prior sale and market conditions.  Bonds are subject to availability and price fluctuations.  As with any investment, market values may fluctuate during the period the bonds are held.  For specific yield and suitability of this offering, please contact your R. Seelaus & Co. Financial Advisor at 1-800-922-0584. Securities are offered through R. Seelaus & Co. 25 Deforest Ave. Suite 304, Summit, NJ 07901 Member FINRA/SIPC