Bond proceeds will be used to refinance a $375 million bridge loan Cleveland Clinic put in place when it purchased the facility in London. The remaining proceeds will be used to turn the building into a hospital.
Cleveland Clinic CFO Steven Glass said the debt will be placed with U.K. and U.S. investors.
“We actually think this is going to be a very attractive sell in the marketplace,” Mr. Glass told The Bond Buyer. “Cleveland Clinic is a AA-rated organization, so while we are issuing these notes under what is Cleveland Clinic UK holdings company, that issuance is guaranteed by the Cleveland Clinic — so that is going to be very attractive in the marketplace.”
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