New Issue: Ohio offers $105.45 million of Cleveland Clinic Health hospital revenue bonds

By Sheri Kasprzak

New York, May 15 - The State of Ohio priced $105,445,000 of series 2013A hospital revenue bonds for the Cleveland Clinic Health Obligated Group, according to a pricing sheet.

The bonds (Aa2/AA-/) were sold through J.P. Morgan Securities LLC.

The sale included $62.65 million of series 2013A-1 bonds and $42,795,000 of series 2013A-2 bonds.

The 2013A-1 bonds are due in 2042 and have a 4% coupon priced at 99.322 to yield 4.04% and a 5% coupon priced at 111.093 to yield 3.62%.

The 2013A-2 bonds are due 2014 to 2016 with a term bond due in 2018. The serial bonds have 1% coupons priced at par and the 2018 bonds have a 1% coupon priced at par.

Proceeds will be used to construct, renovate, improve and acquire Cleveland Clinic facilities.

Issuer:	State of Ohio/Cleveland Clinic Health Obligated Group
Issue:	Series 2013A hospital revenue bonds
Amount:	$105,445,000
Type:	Negotiated
Underwriters:	J.P. Morgan Securities LLC (lead), PNC Capital Markets LLC, Wells Fargo Securities LLC, US Bancorp Investments Inc. and BNY Mellon Capital Markets LLC (co-managers)
Ratings:	Moody's: Aa2
	Standard & Poor's: AA-
Pricing date:	May 15
Settlement date:	May 29
$62.65 million series 2013A-1 bonds
Amount	Maturity	Type	Coupon	Price	Yield
$35 million	2042	Term	4%	99.322	4.04%
$27.65 million	2042	Term	5%	111.093	3.62%
$42,795,000 series 2013A-2 bonds
Amount	Maturity	Type	Coupon	Price
$16,085,000	2014	Serial	1%	100
$8,165,000	2015	Serial	1%	100
$8.07 million	2016	Serial	1%	100
$10,475,000	2018	Term	1%	100

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