Ohio to price $138.245 million G.O. refunding bonds Thursday

By Sheri Kasprzak

New York, Jan. 12 - Ohio is gearing up to sell $138.245 million in series 2009 general obligation refunding bonds on Thursday, according to a preliminary official statement released Monday.

The sale includes $56.995 million in series 2009A higher education G.O. bonds, $31.81 million in series 2009A common schools G.O. bonds and $49.44 million in series 2009A infrastructure improvement G.O. bonds.

The bonds (Aa1/AA+/AA+) will be sold on a negotiated basis with Merrill Lynch & Co. and Fifth Third Securities as the senior managers.

The co-managers are George K. Baum & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, PNC Capital Markets and SBK-Brooks Investment Corp.

The higher education bonds are due 2010 to 2014; the common schools bonds are due 2011 to 2013; and the infrastructure bonds are due 2010 to 2014.

Proceeds from the higher education bonds will be used to refund bonds originally issued for higher education capital expenses. The proceeds from the common schools bonds will be used to refund bonds initially issued for common schools capital expenses, and the proceeds from the infrastructure bonds will be used to refund bonds originally issued for infrastructure costs.

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