Melio & Company advised the Cleveland Clinic on the issuance of $195.7 million of 2011A fixed rate bonds
In October 2011, the State of Ohio issued $195,705,000 of Series 20011A fixed rate refunding bonds. The bonds were underwritten by J.P. Morgan, PNC Capital Markets, US Bancorp, and Wells Fargo Securities.
The proceeds from the sale of the bonds will be used to fund an escrow which will provide for the payment of $186,040,000 of the outstanding Series 2003A Bonds. The escrow will be used to pay interest on the prepaid portion of the Series 2003A Bonds payable prior to and on July 1, 2013 and to redeem the prepaid portion of the Series 2003A Bonds on July 1, 2013 at a redemption price of par on such date.