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CommonSpirit Health & Dignity Health

Application Acceptance: June 9, 2016 on behalf of Catholic Health Initiatives.

Application Amended: June 13, 2019. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.

Obligor: CommonSpirit Health (CSH) was created by the alignment of Catholic Health Initiatives and Dignity Health as a single Catholic, nonprofit health system. With over 700 care centers spanning 21 states, they operate 142 hospitals, as well as research programs, virtual care services, home health programs and living communities. CSH also supports a range of community health programs to create healthier communities and address the root causes of poor health such as access to quality care and health equality, affordable housing, safe neighborhoods, and a healthy environment. CSH is supported by approximately 150,000 employees, 25,000 physicians and advanced practice clinicians.

Loan Size: $654,205,000

Description of Loan: The proceeds of the Bonds will be used for new construction, renovation/remodeling, new equipment, refinancing of prior bonds, potentially funding a debt service reserve, and to pay costs of issuance.

Interest Cost Savings: Based on current market conditions and assuming the bonds will be issued as fixed-rate debt, CSH expects to save approximately $360 million over the life of the bonds by utilizing tax-exempt financing through the Authority as compared to financing on a non tax-exempt basis.

CommonSpirit Health is committed to creating healthier communities, delivering exceptional patient care, and ensuring every person has access to quality health care. In FY2018, CHI and Dignity Health provided $4.2 billion in charity care, community benefit, and unreimbursed government programs. CommonSpirit Health’s ability to continue providing this level of support to its communities is significantly supported by its access to a tax-exempt cost of capital.

Underwriter: Citigroup Global Markets Inc., Morgan Stanley & Co., J.P. Morgan Securities LLC

Closing Date: August 21, 2019