Hoag Memorial Hospital Presbyterian has some of OC’s top business execs backing their hospital expansion plans in Irvine; see page 14 for details on the $50 million contribution from the Sun Family Foundation to help with that project.
David Sun is co-founder of Fountain Valley computer memory products giant Kingston Technology. The Business Journal estimates his wealth to be around $6 billion.
Along with its sizeable endowment, Hoag is using the bond markets to fund its hospital expansion plans, among other notable uses.
A trio of bond offerings in the works from Hoag seeks to raise nearly $900 million, according to recently disclosed financial documents. Pricing for the first and largest of the three bonds, a $538.7 million offering, is expected this week.
The two smaller bond offerings, $180 million and $169 million, consolidates other debt Hoag had and is being used to finance a portion of the Irvine campus’ expansion, according to bond ratings agency Fitch, which puts a $653 million price tag on the first phase of construction.
The largest of the three bonds is also a re-fi, of sorts. It is being used to pay off debt—nearly $495 million—as part of its recent separation from Providence St. Joseph Health, documents show.
Hoag, as part of its confidential settlement with Providence, is also required to “make charitable contributions totaling $100 million” over the next five years, for use in OC, bond documents indicate.
Payments to Providence will be made as Hoag implements and transitions to a new electronic health records system, filings indicate.
Aaron Rodgers, the Green Bay Packers quarterback and four-time MVP of the NFL including the past two seasons, played flag football March 12 at the JSerra Catholic High School football field in San Juan Capistrano along with other current and former NFL QBs including Carson Palmer, Sam Darnold, Josh Allen, Kyle Allen, Matt Leinart and Mark Sanchez.
Also playing was the University of Cincinnati’s Desmond Ridder, who is expected to be a top-round draft pick this spring. Ridder—working with local QB guru Jordan Palmer, younger brother of Carson—outdueled Rodgers in the four-on-four championship match, watched by a few hundred spectators, including our Peter J. Brennan.
NFL GMs and agents can exhale: the competition only had passes and no pass rushers. Shortly after the event, details of Rodgers’ new three-year, $150 million contract with the Packers were disclosed.
Their play raised $400,000 for charity at an event sponsored by RX3, the local consumer-brands venture capital firm founded by Rodgers and two other Rs, Nate Raabe and Byron Roth, the latter of which is owner of the largest investment bank headquartered in Orange County.
“This is the first year of something that will be really special,” Raabe told Brennan of future plans for the event.
It’s been a good month of fundraising for the Irvine Unified School District.
On March 5, it raised more than $1 million at its 25th Annual Spirit of Excellence Gala (see page 16). On March 14, at its returning Donald Bren Honors Concert, it received a $2 million check from Irvine Co., as part of the developer’s 20-year, $45 million commitment to support arts, music and science education in the district.
