Melio & Company advised Cleveland Clinic on the issuance of $201 million of Series 2013B Variable Rate Bonds
In May 2013, the State of Ohio issued $201,160,000 of the Series 2013B variable rate bonds following an RFP for SBPA facilities. Through the RFP process that included eleven banks, the Cleveland Clinic Health System was able to secure the lowest cost and most favorable SBPA terms. The initial SBPA facilities securing the three subseries of the Series 2013B Bonds were issued by Wells Fargo Bank, The Bank of New York Mellon, and US Bank National Association. The bonds were underwritten and remarketed by Wells Fargo Securities, BNY Mellon Capital Markets, and US Bancorp.
The proceeds of the Series 2013B Bonds, together with other available money, will be used to defease the Series 2004B Bonds as of the date the Series 2013B Bonds are issued and to pay related expenses. The redemption price of the Series 2004B Bonds, equal to the par amount of the outstanding Series 2004B Bonds plus accrued interest to the redemption date, will be paid on or before the fifteenth day after the Series 2013B Bonds are issued.