Refinancing will net JobsOhio additional $81M to be invested in economic development

Bricker & Eckler LLP served as underwriter’s counsel for a refinancing transaction recently completed to assist JobsOhio, the state’s private economic development group. The Dayton Business Journal reports that JobsOhio announced “a new financing solution that will generate nearly $81 million in savings over the next 18 years, helping fuel additional investment” in Ohio’s economy. JobsOhio is funded through “revenue from the Beverage System,” which it acquired in 2013. Recently, CFO Brian Faust led a team that “made a case to credit rating agencies for an upgrade” based on a notable uptick in profits and operational successes, according to the article. In response, Moody’s “affirmed the current rating of Aa3 with stable outlook” and Standard & Poor’s announced a ratings upgrade to AA+. JobsOhio then closed on Series 2020A bonds with “an all-in interest cost well below 3 percent.” For more, read the full article.

Economic Development, State Updates