Ohio prepares $78 million offering of development assistance bonds

By Sheri Kasprzak

New York, Nov. 5 - The State of Ohio is gearing up to price $78 million of series 2010 development assistance bonds, according to a preliminary official statement.

The offering includes $28 million of series 2010C taxable advanced energy program bonds, $6.745 million of series 2010D tax-exempt logistics and distribution program bonds and $43.255 million of series 2010E logistics and distribution program Build America Bonds.

The bonds (Aa2/AA-/AA) will be sold through Siebert Brandford Shank & Co. LLC. The co-managers are The Huntington Investment Co., Jefferies & Co., J.P. Morgan Securities LLC and the Williams Capital Group LP.

The 2010C bonds are due 2012 to 2025, and the 2010D bonds are due 2012 to 2014. The 2010E bonds are due 2015 to 2029.

Proceeds from the series 2010C bonds will be deposited into the state's Advanced Energy Research and Development Taxable Fund to make loans to individuals for advanced energy projects. The proceeds from the 2010D and 2010E bonds will be deposited into the state's Logistics and Distribution Infrastructure Fund to make loans for eligible logistics and distribution projects.

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