Ohio Water Development Authority prepares $80.31 million offering of revenue and refunding bonds

By Sheri Kasprzak

New York, June 4 - The Ohio Water Development Authority is expected to bring to market $80.305 million in series 2010 drinking water assistance revenue and refunding bonds, according to a preliminary official statement.

The bonds (Aaa/AAA/) will be sold through Goldman Sachs & Co. The co-managers are Bank of America Merrill Lynch, Siebert Brandford Shank & Co. LLC and PNC Capital Markets LLC.

The offering includes $7.23 million in series 2010A tax-exempt revenue bonds, $44.48 million in series 2010B Build America Bonds, $2.9 million in series 2010C tax-exempt refunding bonds, $19.35 million in series 2010A state match series revenue bonds and $6.345 million in series 2010B state match series Build America Bonds.

The 2010A tax-exempt bonds are due 2010 to 2013. The 2010B Build America Bonds are due 2022 to 2025 with term bonds due 2030. The 2010C bonds are due 2014 and the 2010A state match bonds are due 2010 to 2012. The 2010B state match BABs are due 2014 to 2021.

Proceeds will be used to finance clean drinking water projects, as well as to refund existing bonds.

Based in Columbus, Ohio, the authority constructs, acquire and operates clean drinking water projects in the state.

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