Sioux Falls, S.D.-based Sanford Health has raised $186.1 million in Series 2014B fixed rate bonds, according to Sanford's sole managing underwriter for this transaction, investment banker Cain Brothers.
Listed below are five things to know about Sanford Health's bond issuance and raised funds:
1. Cain and Sanford have worked together for eight years during which Sanford has raised nearly $800 million of capital through numerous transactions.
2. At the time of the Series 2014B transaction, the market environment was highly fluid and fragmented.
3. Using Cain's recommended debt structure, Sanford obtained an all-in cost capital of 3.82 percent and significant original issue premium.
4. Capital gained from the series 2014B bonds will finance the construction of a 284-licensed bed tertiary hospital in Fargo, N.D.
5. Proceeds will also be used to fund the construction of the Edith Sanford Breast Center near the Sanford Medical Center Cancer Center in Sioux Falls, S.D.