Ohio Higher Educational plans $805 million bonds for Cleveland Clinic

By Angela McDaniels

Tacoma, Wash., Aug. 3 - The Ohio Higher Educational Facility Commission plans to issue $805 million of bonds (Aa2/AA-) for the Cleveland Clinic, according to a preliminary offering statement.

The offering will include $305 million of series 2009A hospital revenue refunding bonds and $500 million of series 2009B hospital revenue bonds.

The 2009A bonds will mature Jan. 1, 2039. The 2009B bonds will include serial maturities from Jan. 1, 2011 through Jan. 1, 2029 and term bonds maturing Jan. 1, 2034 and Jan. 1, 2039.

J.P. Morgan Securities Inc. will be the lead manager, with Merrill Lynch & Co., Morgan Stanley & Co. Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC as co-managers.

The proceeds will be used to refund $300 million of Cleveland Clinic's $670 million series 2008B hospital revenue bonds and to acquire, construct and renovate hospital facilities.

The deal is expected to settle sometime in August.

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