Market Overview

Lancaster Pollard Advises Loma Linda on $400 Million Bond Issuance


Lancaster Pollard & Co., LLC recently served as municipal advisor on a
2018A revenue bond issuance for Loma Linda University Medical Center in
Loma Linda, California. The issuance was the most recent financing for
the organization in an ongoing campus transformation project.

Loma Linda is a regional academic health care system that was required
to rebuild its main campus due to state regulatory requirements. During
the process, additional cost burdens imposed by the state regulators
required Loma Linda to go back to the bond market to finance substantial
increases related to steel and delays on grant monies from the state.

The par amount of the bonds totaled approximately $400 million. The
bonds were rated BB/BB- by the Standard & Poor's and Fitch ratings
agencies. The proceeds of the financing will be used to fund $200
million in additional steel costs for Loma Linda's ongoing campus
transformation project, and $150 million in other capital expenditures.
The remaining $50 million will go toward other funds and assistance
programs. The new issuance locked in long-term, low cost, fixed-rate
capital for the medical center for 40 years. Grant Goodman led the
transaction for the firm.

"This Series 2018 bond financing was essential for us to complete the
construction of our campus transformation project and position the
hospital for long-term success," said Angela Lalas, CFO of Loma Linda
University Health. "Lancaster Pollard has been our advisor on over $2
billion of debt issuance and is a trusted partner of our institution."

Lancaster Pollard consists of four companies providing integrated
investment banking, mortgage banking, private equity, balance sheet
lending and M&A services. Lancaster Pollard is owned by ORIX Corporation
USA, a division of leading international financial services group ORIX
Corporation. Lancaster Pollard & Co., LLC is an SEC registered municipal

View Comments and Join the Discussion!