Paul Hastings Represents Catholic Healthcare West In $2 Billion Financing Transactions

November 17, 2005

Paul, Hastings, Janofsky & Walker LLP (“Paul Hastings”), a leading international law firm, represented San Francisco-based Catholic Healthcare West (“CHW”) in the closing of a series of financing transactions totaling approximately $2 billion.

Paul Hastings represented Catholic Healthcare West as borrowers counsel in these transactions which included a series of tax-exempt bond issuances totaling $900 million, the defeasance of $310 million of existing bonds, bank revolving credit facilities of $370 million, bank lines of credit of $385 million and a bank term loan of $325 million.

Citigroup and JPMorgan were the underwriters of the bond deals.  These deals included $420 million of insured Auction Rate Securities issued in 3 states and swapped to LIBOR based fixed rates; $58 million in uninsured fixed rate bonds in 2 states; and $424 million in variable rate bonds in 2 states backed by bank Lines Of Credit (LOC) or insured and used to fund revolving equipment pool loans to subsidiaries.  Bank of America, N.A. and Banc of America Securities LLC provided the $1.08 billion of loans, lines and LOCs.

The Paul Hastings team was led by San Francisco partner Daniel Higgins and senior associate Ann Miller.  They were assisted by associates Christine Davis, Nicole Farrar, Jacob Mikow, Arun Patel, and Keith Sutton.  Los Angeles associate Paul Gomez also assisted.

About Catholic Healthcare West:  Catholic Healthcare West, headquartered in San Francisco, CA, is a system of 40 prominent hospitals and medical centers in California, Arizona and Nevada. Founded in 1986, it is one of the nation’s largest not-for-profit health care systems and the largest Catholic health care system based in the Western United States. CHW is committed to delivering compassionate, high-quality, affordable health care services with special attention to the poor and underserved. The CHW network of more than 7,500 physicians and approximately 44,000 employees provides health care services to more than four million people annually. In 2005, CHW provided $623 million in charity care and unsponsored community benefit.

Paul Hastings Corporate Department:  Paul Hastings has 350 corporate attorneys located in 17 global offices.  The Corporate Department acts as counsel to public and private companies, financial institutions, investment funds and private investors.  The Corporate Department represents these clients in all aspects of their business including mergers and acquisitions, financings, cross-border transactions, leveraged buyouts, and general corporate work.  The Healthcare Practice Group within the Corporate Department represents a wide variety of companies in the healthcare and life sciences fields, including large nonprofit health systems.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is an international law firm, representing Fortune 500 companies with more than 1,000 attorneys located in 17 offices: Atlanta, Beijing, Brussels, Hong Kong, London, Los Angeles, Milan, New York, Orange County, Palo Alto, Paris, San Diego, San Francisco, Shanghai, Stamford, Tokyo and Washington, DC.

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