Melio & Company advised Cleveland Clinic on the issuance of $68.6 million of Series 2013 Taxable Variable Rate Demand Bonds.
In November 2013, on behalf of Keep Memory Alive, Cleveland Clinic issued $68,600,000 of the Series 2013 taxable variable rate demand bonds. The bonds were issued as taxable to refund the Series 2007A tax-exempt bonds to allow for additional private use. The bonds will initially be secured by a separate direct-pay LOC issued by PNC Bank. The bonds were underwritten by PNC Capital Markets.
The proceeds from the sale of the bonds, together with other available funds will be loaned to Keep Memory Alive to (i) refund the Series 2007A Bonds; and (ii) pay certain costs of issuing the Bonds and of the refunding of the Series 2007A Bonds.