By Sheri Kasprzak
New York, Oct. 14 - The state of Ohio priced $240 million in series 2008A infrastructure improvement general obligation bonds, according to an official statement.
The bonds (Aa1/AA+/AA+) were sold through senior managers Citigroup Global Markets and Wachovia Bank. Co-managers were Butler Wick & Co.; Edward Jones; Fifth Third Securities; the Huntington Investment Group; KeyBanc Capital Markets; Merrill Lynch & Co.; Rice Financial Products; and Ross, Sinclaire & Associates.
The serial bonds are due from 2009 to 2018 with term bonds due 2020, 2023 and 2028.
The serials have coupons from 3% to 5% and yields from 2.3% to 4.7%.
The 2020 bonds have a 5% coupon to yield 5.05%. The 2023 bonds have a 5.375% coupon to yield 5.42%, and the 2028 bonds have a 5.375% coupon to yield 5.5%.
The state intends to sell another $56.74 million in series 2008B infrastructure improvement general obligation refunding bonds, but the pricing date for those bonds has not been set.
Proceeds will be used for financing local subdivision capital improvement projects approved by the state General Assembly.
| Issuer: | State of Ohio
|
| Issue: | Series 2008A infrastructure improvement general obligation bonds
|
| Amount: | $240 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets and Wachovia Bank (leads); Butler Wick & Co.; Edward Jones; Fifth Third Securities; the Huntington Investment Group; KeyBanc Capital Markets; Merrill Lynch & Co.; Rice Financial Products; and Ross, Sinclaire & Associates (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 16
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 2.30%
|
| 2010 | Serial | 3% | 3.00%
|
| 2011 | Serial | 4% | 3.32%
|
| 2012 | Serial | 4% | 3.57%
|
| 2013 | Serial | 4% | 3.75%
|
| 2014 | Serial | 4% | 4.00%
|
| 2015 | Serial | 4% | 4.15%
|
| 2016 | Serial | 5% | 4.35%
|
| 2017 | Serial | 4.375% | 4.53%
|
| 2018 | Serial | 4.625% | 4.70%
|
| 2020 | Term | 5% | 5.05%
|
| 2023 | Term | 5.375% | 5.42%
|
| 2028 | Term | 5.375% | 5.50%
|
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