Melio & Company advised Partners HealthCare System on the issuance of $100 million of Series 2014 M-1 and M-2 Variable Rate Bonds.
In January 2014, on behalf of Partners HealthCare System, Massachusetts Development Finance Authority issued $100,000,000 of the Series 2014 M-1 and M-2 variable rate bonds. Payment of principal of and interest on, and purchase price of Series 2014 M-1 and M-2 will initially be secured by a separate direct-pay LOC issued by U.S. Bank and The Bank of New York Mellon, respectively. The Series 2014 M-1 were underwritten by US Bancorp, and the Series 2014 M-2 bonds were underwritten by The Bank of New York Mellon Capital Markets.
The proceeds from the sale of the Series 2014 M-1 and M-2 Bonds were used to (i) finance a number of capital projects for Partners HealthCare System and its affiliates; and (ii) pay certain costs and expenses incurred in connection with the issuance of the Series 2014 M-1 and M-2 Bonds.