NorthBay Healthcare $204 Million Financing
February 20, 2017
Cain Brothers served as Financial Advisor in the public issuance of $203,800,000 fixed rate revenue bonds (Series 2017 A) on behalf of NorthBay Healthcare. NorthBay provides healthcare services primarily to residents of Solano County, CA, through an integrated healthcare delivery system that includes two acute care hospitals, five outpatient medical clinics, a home care agency, a hospice program, and an occupational health program.
Proceeds from the Series 2017 A Bonds will be used to fund the construction and expansion of its emergency room facilities and other capital projects.
Cain Brothers worked alongside NorthBay and the underwriting team to shepherd the transaction through a volatile post-election bond market. The firm’s underwriting desk advised on the pricing levels of the fixed rate bond issue, participating in pre-pricing calls, presenting comparable recent bond issues and detailing general market conditions that enabled NorthBay (S&P: BBB-) to achieve a very attractive all-in borrowing cost of approximately 5.05% for an average life over 21 years.