By Sheri Kasprzak
New York, Jan. 20 - The state of Ohio priced $228.07 million in series 2009A general obligation refunding bonds, according to an official statement released Tuesday.
The bonds (Aa1/AA+/AA+) were sold on a negotiated basis with Merrill Lynch & Co. and Fifth Third Securities Inc. as the senior managers.
The co-managers were George K. Baum & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and SBK-Brooks Investment Corp.
The sale included $86.905 million in series 2009A higher education G.O. refunding bonds, $91.17 million in series 2009A common schools G.O. refunding bonds and $49.995 million in series 2009A infrastructure improvement G.O. refunding bonds.
The higher education bonds are due 2010 to 2019 with coupons from 2% to 5% and yields from 1% to 3.22%.
The common schools bonds are due 2011 to 2018 with coupons from 2.25% to 5% and yields from 1.59% to 3.02%.
The infrastructure bonds are due 2010 to 2014 with coupons from 2% to 4% and yields from 1% to 2.19%.
Proceeds will be used to refund bonds originally issued for higher education, common schools and infrastructure improvement purposes.
| Issuer: | State of Ohio
|
| Issue: | Series 2009 general obligation refunding bonds
|
| Amount: | $228.07 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch & Co. and Fifth Third Securities Inc. (leads); George K. Baum & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and SBK-Brooks Investment Corp. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 27
|
|
|
| Higher education bonds ($86.905 million)
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 1.00%
|
| 2011 | Serial | 4% | 1.59%
|
| 2012 | Serial | 5% | 1.78%
|
| 2013 | Serial | 5% | 1.99%
|
| 2014 | Serial | 5% | 2.19%
|
| 2015 | Serial | 4% | 2.40%
|
| 2016 | Serial | 4% | 2.59%
|
| 2017 | Serial | 4% | 2.80%
|
| 2018 | Serial | 4% | 3.02%
|
| 2019 | Serial | 5% | 3.22%
|
|
|
| Common schools bonds ($91.17 million)
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2.25% | 1.59%
|
| 2012 | Serial | 2.25% | 1.78%
|
| 2013 | Serial | 2.25% | 1.99%
|
| 2014 | Serial | 5% | 2.19%
|
| 2015 | Serial | 5% | 2.40%
|
| 2016 | Serial | 5% | 2.59%
|
| 2017 | Serial | 5% | 2.80%
|
| 2018 | Serial | 4% | 3.02%
|
|
|
| Infrastructure bonds ($49.995 million)
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 1.00%
|
| 2010 | Serial | 2.5% | 1.00%
|
| 2011 | Serial | 3% | 1.59%
|
| 2012 | Serial | 4% | 1.78%
|
| 2013 | Serial | 4% | 1.99%
|
| 2014 | Serial | 2.75% | 2.19%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
