Cleveland Clinic Plans $1 Billion, Two-State, Five-Part Restructuring

Carvlin, Elizabeth
March 2003
Bond Buyer;3/19/2003, Vol. 343 Issue 31596, p1
Trade Publication
The Cleveland Clinic Health System plans to bring a 1 billion dollar transaction to market on March 18, 2003 that restructures most of the clinic's outstanding debt and includes one of the largest unenhanced health care bond sales in recent years. The largest single piece of the deal is an unenhanced series for 482 million dollar of fixed-rate revenue bonds, all but 8 million dollars of which will refund outstanding debt, according to Michael O' Boyle, the clinic's chief financial officer.The Cleveland Clinic Health System Obligated Group is the parent entity of the Cleveland System, which operates 10 hospitals in the Cleveland area and two hospitals in Florida, in addition to several other facilities in Ohio and Florida.The bonds carry a pledge of the Cleveland Clinic Health System Obligated Group's revenues, which is new for the clinic, said Martin Arrick, an analyst with Standard & Poor's Corp.


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