Published on 12/14/2011 in the Prospect News Municipals Daily.
New Issue: Ohio Water Development sells $142.44 million water pollution control fund bonds
By Sheri Kasprzak
New York, Dec. 14 - The Ohio Water Development Authority sold $142,435,000 of series 2011B water pollution control loan fund refunding revenue bonds, according to a pricing sheet.
The offering included $76.86 million of series 2011B-1 tax-exempt bonds and $65,575,000 of series 2011B-2 taxable bonds.
The bonds (Aaa/AAA/) were sold on a negotiated basis. Bank of America Merrill Lynch was the senior manager for the 2011B-1 bonds, and Morgan Stanley & Co. LLC was the senior manager for the 2011B-2 bonds. The co-managers were J.P. Morgan Securities LLC; Goldman Sachs & Co.; Fifth Third Securities Inc.; and Rice Financial Products Co.
The 2011B-1 bonds are due 2015 to 2018 with coupons from 3% to 5% and varying prices. The 2011B-2 bonds are due 2012 to 2015 with 0.15% to 1.33% coupons, all priced at par.
Proceeds will be used to refund the authority's series 2004 and 2005B revenue bonds.
| Issuer: | Ohio Water Development Authority
|
| Issue: | Series 2011B water pollution control loan fund refunding revenue bonds
|
| Amount: | $142,435,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead for 2011B-1); Morgan Stanley & Co. LLC (lead for 2011B-2); J.P. Morgan Securities LLC; Goldman Sachs & Co.; Fifth Third Securities Inc.; and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 21
|
|
|
| $76.86 million series 2011B-1 tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2015 | Serial | 4% | 111.738
|
| $8.32 million | 2015 | Serial | 5% | 115.6
|
| $1.44 million | 2016 | Serial | 3% | 108.866
|
| $7 million | 2016 | Serial | 4% | 112.73
|
| $3,585,000 | 2016 | Serial | 5% | 117.06
|
| $8,875,000 | 2016 | Serial | 5% | 118.452
|
| $1,625,000 | 2017 | Serial | 3% | 109.995
|
| $4.47 million | 2017 | Serial | 4% | 114.713
|
| $2 million | 2017 | Serial | 4% | 115.706
|
| $17,885,000 | 2017 | Serial | 5% | 121.418
|
| $2.53 million | 2018 | Serial | 4% | 115.967
|
| $10.13 million | 2018 | Serial | 5% | 122.109
|
|
|
| $65,575,000 series 2011B-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10.58 million | 2012 | Serial | 0.15% | 100
|
| $11.95 million | 2012 | Serial | 0.53% | 100
|
| $2,505,000 | 2013 | Serial | 0.68% | 100
|
| $9.66 million | 2013 | Serial | 0.73% | 100
|
| $9,395,000 | 2014 | Serial | 0.931% | 100
|
| $13,215,000 | 2014 | Serial | 0.951% | 100
|
| $8.27 million | 2015 | Serial | 1.33% | 100
|
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