Ohio City Offers $45 Million Bonds for American GreetingsMark Niquette
Westlake, Ohio, plans to issue $45 million in bonds today as part of a deal for American Greetings Corp. to move its headquarters to the city from nearby Brooklyn.
The special-obligation, non-tax revenue bonds will finance public parking facilities plus street and sidewalk improvements connected with the new offices, according to an offering statement. The bonds are backed by revenue from the Crocker Park commercial development, where the headquarters will be located, and non-tax city revenue if needed. Moody’s Investors Service rated the debt Aa1, the second-highest level.
American Greetings, which was the largest publicly traded greeting-card maker until the company’s founding family acquired it in August, plans to break ground on a 600,000-square-foot facility this year, spokeswoman Patrice Sadd said by phone.
Debt from Ohio and its municipal issuers has earned 4.31 percent this year, compared with 3.64 percent for the $3.7 trillion municipal market, according to S&P Dow Jones Indices.