By Sheri Kasprzak
New York, April 24 - The State of Ohio has revealed the terms on its previously announced $144.764 million offering of series L general obligation highway capital improvement bonds.
The bonds (Aa1/AAA/AA+) were sold on a negotiated basis Wednesday through lead manager Merrill Lynch. The co-manager was Citigroup Global Markets.
The $56.59 million of series L-1 bonds are due from 2009 to 2018 and have coupons from 3% to 3.75%, with yields from 1.65% to 3.71%. The $57.915 million of series L-2 bonds are also due from 2009 to 2018 and have coupons from 4% to 5%, with yields from 1.65% to 3.71%. The $25.495 million of series L-3 bonds are due from 2014 to 2016 and all have 5% coupons. The yields range from 3.17% to 3.47%.
The offering is expected to settle May 1.
Proceeds from the deal will be used for highway capital improvement projects.
| Issuer: | State of Ohio
|
| Issue: | Series L general obligation highway capital improvement bonds
|
| Amount: | $144.764 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch (lead); Citigroup Global Markets
|
| Ratings: | Moody's: Aa1
|
| S&P: AAA
|
| Fitch: AA+
|
| Pricing date: | April 23
|
|
|
| Series L-1 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3.5% | 1.65%
|
| 2010 | Serial | 3% | 2.30%
|
| 2011 | Serial | 3% | 2.61%
|
| 2012 | Serial | 3% | 2.85%
|
| 2013 | Serial | 3% | 3.01%
|
| 2014 | Serial | 3.125% | 3.17%
|
| 2015 | Serial | 3.5% | 3.32%
|
| 2016 | Serial | 3.5% | 3.47%
|
| 2017 | Serial | 3.5% | 3.59%
|
| 2018 | Serial | 3.75% | 3.71%
|
|
|
| Series L-2 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3.5% | 1.65%
|
| 2010 | Serial | 4% | 2.30%
|
| 2011 | Serial | 4% | 2.61%
|
| 2012 | Serial | 5% | 2.85%
|
| 2013 | Serial | 3.5% | 3.01%
|
| 2014 | Serial | 3% | 3.17%
|
| 2015 | Serial | 4% | 3.32%
|
| 2016 | Serial | 4.25% | 3.47%
|
| 2017 | Serial | 4% | 3.59%
|
| 2018 | Serial | 5% | 3.71%
|
|
|
| Series L-3 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2014 | Serial | 5% | 3.17%
|
| 2015 | Serial | 5% | 3.32%
|
| 2016 | Serial | 5% | 3.47%
|
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