Ohio to price $60 million G.O. bonds

By Cristal Cody

Tupelo, Miss., Feb. 19 - Ohio intends to price $60 million in Third Frontier Research and Development general obligation bonds on Tuesday, a source with the issuer told Prospect News.

The series 2009A bonds (Aa1/AA+/AA+) also will be sold through retail orders on Monday.

The bonds have serial maturities from 2010 through 2018.

PNC Capital Markets LLC is the senior manager of the negotiated sale.

Citigroup Global Markets Inc., Butler Wick & Co., Inc., Fifth Third Securities, Inc., Huntington Investment Co., Rice Financial Products Co. and SBK-Brooks Investment Corp. are co-managers.

The proceeds will be used to pay for authorized research and development projects.

Ohio created Third Frontier in 2003 to expand high-tech research capabilities and create high-paying jobs. The state plans to contribute $1.6 billion over 10 years, which includes $500 million through the sale of general obligation bonds.

The series 2009A bonds are the fourth installment and will bring the total sale to date to $180.7 million.

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