Cleveland Clinic to issue rare century bond

[riky]

Cleveland Clinic to issue rare century bond

Cleveland Clinic plans to issue a rare century bond on Thursday, marking a first from the not-for-profit healthcare sector and one of few such debt issues in the U.S. Cleveland Clinic, which specializes in cancer and cardiovascular treatment, will join an elite club in capital markets circles. The Ohio-based health system favored the ultra-long $400 million issuance because it offered more flexibility to help fund new partnerships and technology, Cleveland Clinic Chief Financial Officer Steve Glass said on Wednesday. Moody's Investor Service reported that Cleveland Clinic's strong reputation, exceptional ability to fundraise, and high demand from patients make the health system less vulnerable to risks associated with ultra-long debts.

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