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Providence St. Joseph Health

Application Acceptance: August 17, 2021. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.

Obligor: PSJH is the parent corporation and Obligated Group Agent of a combined group of affiliated heath care corporations that owns or leases and operates acute care hospitals and long-term care facilities that provide a broad range of inpatient, residential health care services in the states of Alaska, California, Montana, Oregon, Texas and Washington.

Loan Size: $178,225,000

Description of Loan: Refund WHCFA Series 2012B Bonds and refinance taxable debt incurred by PSJH that was used to redeem the WHCFA Series 2012C and 2012D Bonds on July 22, 2021.

Interest Cost Savings: Based on current estimates of taxable vs. tax-exempt interest rates, the estimated interest cost reduction is approximately $4 million over the life of the loan. PSJH will take into account projected revenues and expenses, including interest expense, in establishing its rates for services from time to time.  The lower interest expense they expect to incur through refinancing on a tax-exempt basis will help it to minimize the rates it must charge to provide services to patients and other users on a sustainable basis.

Underwriter(s): Morgan Stanley, Goldman Sachs, Barclays Capital & Wells Fargo Securities

Closing Date: October 1, 2021