Ohio to sell $170.92 million of refunding bonds for Cleveland Clinic

By Sheri Kasprzak

New York, Nov. 16 - The State of Ohio is set to sell $170.92 million of series 2011C taxable hospital revenue refunding bonds for the Cleveland Clinic, according to a preliminary official statement.

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 Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch.

The bonds are due 2017, 2019 to 2025 and 2030 to 2032.

Proceeds will be used to refund the clinic's series 2003A revenue bonds.

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