Published on 7/1/2016 in the Prospect News Municipals Daily.
New Issue: Ohio Water Development Authority prices $150 million revenue bonds
By Cristal Cody
Eureka Springs, Ark., July 1 – Ohio Water Development Authority sold $150 million of water development revenue bonds (Aaa/AAA), fresh water series 2016B, according to a new issue statement.
The authority priced the bonds with 5% coupons across all serial maturities from 2023 through 2037 and terms due 2030 through 2036. Yields ranged from 1.35% to 2.14%.
Jefferies LLC was the senior manager of the negotiated transaction.
Proceeds will be used to make loans to local government agencies in Ohio as part of the authority’s fresh water program to pay certain costs of planning, designing, constructing or acquiring certain wastewater treatment facilities, sewage facilities, sewage collection facilities and water supply and distribution facilities and to refund short-term debt obligations issued for the same purpose.
| Issuer: | Ohio Water Development Authority
|
| Issue: | Revenue bonds
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| Amount: | $150 million
|
| Type: | Negotiated
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| Bookrunner: | Jefferies LLC
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| Co-managers: | Hilltop Securities, Cabrera Capital Markets, Estrada Hinojosa and Piper Jaffray
|
| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Pricing date: | June 22
|
| Settlement date: | July 7
|
|
|
| Series 2016B bonds
|
| Maturity | Type | Amount | Coupon | Yield
|
| Dec. 1, 2023 | Serial | $10 million | 5% | 1.35%
|
| June 1, 2024 | Serial | $10 million | 5% | 1.39%
|
| Dec. 1, 2024 | Serial | $10 million | 5% | 1.44%
|
| June 1, 2025 | Serial | $10 million | 5% | 1.49%
|
| Dec. 1, 2025 | Serial | $10 million | 5% | 1.54%
|
| June 1, 2026 | Serial | $10 million | 5% | 1.60%
|
| Dec. 1, 2026 | Serial | $10 million | 5% | 1.65%
|
| June 1, 2027 | Serial | $10 million | 5% | 1.71%
|
| Dec. 1, 2027 | Serial | $10 million | 5% | 1.74%
|
| June 1, 2028 | Serial | $3 million | 5% | 1.76%
|
| Dec. 1, 2028 | Serial | $3 million | 5% | 1.78%
|
| June 1, 2029 | Serial | $3 million | 5% | 1.81%
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| Dec. 1, 2029 | Serial | $3.5 million | 5% | 1.83%
|
| June 1, 2037 | Serial | $3 million | 5% | 2.17%
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| Dec. 1, 2030 | Term | $7 million | 5% | 1.87%
|
| Dec. 1, 2031 | Term | $7 million | 5% | 1.93%
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| Dec. 1, 2032 | Term | $7 million | 5% | 1.98%
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| Dec. 1, 2033 | Term | $7 million | 5% | 2.03%
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| Dec. 1, 2034 | Term | $7 million | 5% | 2.08%
|
| Dec. 1, 2035 | Term | $5 million | 5% | 2.11%
|
| Dec. 1, 2036 | Term | $4.5 million | 5% | 2.14%
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