Ohio to sell $464.22 million of revenue bonds for Cleveland Clinic

By Sheri Kasprzak

New York, April 19 - The State of Ohio is set to price $464,215,000 of series 2012A hospital revenue bonds for the Cleveland Clinic Health System Obligated Group, 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 Bank of America Merrill Lynch, PNC Capital Markets LLC, Citigroup Global Markets Inc., US Bancorp and Wells Fargo Securities LLC.

The bonds are due 2016 to 2032 with term bonds due in 2034 and 2038.

Proceeds will be used to acquire, equip, construct and renovate Cleveland Clinic facilities, as well as to advance refund the obligated group's series 2003A and 2009B-2 revenue bonds.

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