Ohio Water Development coordinates $100 million of floating-rate notes

By Sheri Kasprzak

New York, May 6 – The Ohio Water Development Authority is expected to price $100 million of series 2015A taxable fresh water development revenue floating-rate notes as part of an offering not to exceed $200 million, according to a preliminary official statement.

The notes (/SP-1+/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the sole underwriter.

The notes are due May 1, 2038, have a mandatory purchase date of May 1, 2016, and will bear interest at thee-month Libor plus a spread.

Proceeds will be used to make loans to qualified local government agencies to construct, equip, install and repair wastewater, sewage and water supply facilities.

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