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Ohio offers $271.7 million Cleveland Clinic revenue refunding bonds
By Sheri Kasprzak
New York, Oct. 4 - The State of Ohio is expected to sell $271.965 million of series 2011 hospital revenue refunding bonds for the Cleveland Clinic Health System Obligated Group, according to a preliminary official statement.
The offering includes $192.42 million of series 2011A bonds and $79.275 million of series 2011B taxable bonds.
The 2011A bonds are due 2012 to 2025 with term bonds due in 2030 and 2032. The 2011B bonds are due 2012 to 2024.
The bonds (Aa2/AA-/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are PNC Capital Markets LLC, US Bancorp and Wells Fargo Securities LLC.
Proceeds will be used to prepay the obligated group's series 2003A hospital revenue bonds.
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