Published on 8/10/2011 in the Prospect News Municipals Daily.
New Issue: Columbus, Ohio, brings $255.97 million of G.O. bonds in three tranches
By Sheri Kasprzak
New York, Aug. 10 - The City of Columbus, Ohio, sold $255.97 million of series 2011 general obligation bonds in three pieces, said a pricing sheet.
The offering included $182.16 million of series 2011A various purpose unlimited tax bonds, $57.235 million of series 2011B various purpose limited tax bonds and $16.575 million of series 2011C taxable various purpose limited tax bonds.
The 2011A bonds are due 2012 to 2029 with 2% to 5% coupons and yields from 0.20% to 3.92%. The 2011B bonds are due 2012 to 2027 with 2% to 5% coupon and yields from 0.20% to 3.74%. The 2011C bonds are due 2013 to 2025 with term bonds due in 2028 and 2032. The serial coupons range from 1.25% to 4.39% and yields range from 0.73% to 4.39%. The 2028 bonds have a 4.87% coupon priced at par and the 2032 bonds have a 5.22% coupon priced at par.
The bonds (Aaa/AAA/AAA) were sold through senior managers Stifel, Nicolaus & Co. Inc. and J.P. Morgan Securities LLC. The co-managers were Bank of America Merrill Lynch, Fifth Third Securities Inc., The Huntington Investment Co. and PNC Capital Markets LLC.
Proceeds will be used to fund safety and health projects, transportation projects, refuse collection, parks and recreation upgrades and electricity upgrades for the city.
| Issuer: | City of Columbus, Ohio
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $255.97 million
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. and J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, Fifth Third Securities Inc., The Huntington Investment Co. and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 25
|
|
|
| $182.16 million series 2011A
|
| Amount | Maturity | Type | Coupon | Yield
|
| $360,000 | 2012 | Serial | 2% | 0.20%
|
| $10.99 million | 2013 | Serial | 5% | 0.46%
|
| $60 million | 2014 | Serial | 4% | 0.71%
|
| $10.925 million | 2014 | Serial | 5% | 0.71%
|
| $10.98 million | 2015 | Serial | 5% | 0.97%
|
| $6.75 million | 2016 | Serial | 4% | 1.28%
|
| $11.965 million | 2016 | Serial | 5% | 1.28%
|
| $1.95 million | 2017 | Serial | 3% | 1.67%
|
| $16.74 million | 2017 | Serial | 5% | 1.67%
|
| $1.05 million | 2018 | Serial | 4% | 2.08%
|
| $14.26 million | 2018 | Serial | 5% | 2.08%
|
| $15.3 million | 2019 | Serial | 5% | 2.45%
|
| $15.3 million | 2020 | Serial | 5% | 2.71%
|
| $13.255 million | 2021 | Serial | 5% | 2.88%
|
| $7.57 million | 2022 | Serial | 5% | 3.11%
|
| $7.565 million | 2023 | Serial | 5% | 3.28%
|
| $7.56 million | 2024 | Serial | 5% | 3.43%
|
| $125,000 | 2025 | Serial | 3.375% | 3.56%
|
| $7.435 million | 2025 | Serial | 5% | 3.56%
|
| $7.56 million | 2026 | Serial | 5% | 3.65%
|
| $6.505 million | 2027 | Serial | 5% | 3.74%
|
| $6.425 million | 2028 | Serial | 5% | 3.78%
|
| $1.53 million | 2029 | Serial | 4% | 3.92%
|
|
|
| $57.235 million series 2011B
|
| Amount | Maturity | Type | Coupon | Yield
|
| $400,000 | 2012 | Serial | 2% | 0.20%
|
| $2.31 million | 2013 | Serial | 2% | 0.46%
|
| $$2.31 million | 2014 | Serial | 2% | 0.74%
|
| $2.31 million | 2015 | Serial | 5% | 1.00%
|
| $2 million | 2016 | Serial | 2% | 1.31%
|
| $6.76 million | 2016 | Serial | 5% | 1.31%
|
| $1.47 million | 2017 | Serial | 2% | 1.70%
|
| $7.245 million | 2017 | Serial | 5% | 1.70%
|
| $650,000 | 2018 | Serial | 2.25% | 2.12%
|
| $8.03 million | 2018 | Serial | 5% | 2.12%
|
| $7.12 million | 2019 | Serial | 3% | 2.46%
|
| $6.17 million | 2020 | Serial | 3% | 2.71%
|
| $2.1 million | 2021 | Serial | 3% | 2.88%
|
| $4.035 million | 2021 | Serial | 5% | 2.88%
|
| $1.255 million | 2022 | Serial | 5% | 3.11%
|
| $615,000 | 2023 | Serial | 3.125% | 3.29%
|
| $615,000 | 2024 | Serial | 3.25% | 3.43%
|
| $615,000 | 2025 | Serial | 3.375% | 3.56%
|
| $615,000 | 2026 | Serial | 3.5% | 3.65%
|
| $610,000 | 2027 | Serial | 3.625% | 3.74%
|
|
|
| $16.575 million series 2011C
|
| Amount | Maturity | Type | Coupon | Price
|
| $975,000 | 2013 | Serial | 1.25% | 0.73%
|
| $975,000 | 2014 | Serial | 1.5% | 1.04%
|
| $975,000 | 2015 | Serial | 1.67% | 1.67%
|
| $975,000 | 2016 | Serial | 2.625% | 2.07%
|
| $975,000 | 2017 | Serial | 3.25% | 2.70%
|
| $975,000 | 2018 | Serial | 3.25% | 2.95%
|
| $975,000 | 2019 | Serial | 3.39% | 3.39%
|
| $750,000 | 2020 | Serial | 3.54% | 3.54%
|
| $750,000 | 2021 | Serial | 3.74% | 3.74%
|
| $750,000 | 2022 | Serial | 3.94% | 3.94%
|
| $750,000 | 2023 | Serial | 4.09% | 4.09%
|
| $750,000 | 2024 | Serial | 4.24% | 4.24%
|
| $750,000 | 2025 | Serial | 4.39% | 4.39%
|
| $2.25 million | 2028 | Term | 4.87% | 4.87%
|
| $3 million | 2032 | Term | 5.22% | 5.22%
|
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