Melio & Company advised on the replacement of a $45,700,000 LOC with KeyBank’s Bank Owned Bond Structure
In November 2010, on behalf of Cleveland Clinic, Melio & Company issued an RFP to renew or replace the Series 2007B $45,700,000 LOC to support the off-balance sheet debt of Science Park Cleveland. Through the RFP process, Melio & Company identified an alternate structure for the expiring Series 2007B LOC. Through a Bank Owned Bond Structure, Cleveland Clinic was able to secure the lowest cost, most favorable terms, and reduce bank risk for the off-balance sheet debt.
KeyBank’s Bank Owned Bond Structure replaced the LOC for the Series 2007B bonds.