Melio & Company advised the Cleveland Clinic on the taxable issuance of $170.1 million of 2011C fixed rate bonds
In November 2011, the State of Ohio issued $170,995,000 of Series 20011C taxable fixed rate refunding bonds. The bonds were underwritten by J.P. Morgan, PNC Capital Markets, US Bancorp, Wells Fargo Securities, Citigroup, and Bank of America Merrill Lynch.
The proceeds from the sale of the bonds will be used to fund an escrow which will provide for the payment of $152,295,000 of the outstanding Series 2003A Bonds. The escrow will be used to pay the principal and interest on the prepaid portion of the Series 2003A Bonds payable prior to July 1, 2013 and to redeem the prepaid portion of the Series 2003A Bonds that remain outstanding on July 1, 2013 at a redemption price of par on such date.