By Sheri Kasprzak
New York, Dec. 15 - The State of Ohio sold $230 million of series 2010 major new state infrastructure project revenue bonds, according to a term sheet.
The sale included $184 million of series 3 bonds and $46 million of series 4 bonds.
The bonds (Aa1/AA/AA-) were sold through Goldman Sachs & Co. The co-managers were Fifth Third Securities Inc., Loop Capital Markets LLC, Bank of America Merrill Lynch, the Huntington Investment Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Williams Capital Group LP.
The series 3 bonds are due 2011 to 2018 with 2.25% to 5% coupons. The series 4 bonds are due 2019 to 2020 with 4.844% and 4.994% coupons, respectively, both priced at par.
Proceeds will be used to replace bridges, restore and rehabilitate interstates and local roads, as well as construct new roads.
| Issuer: | State of Ohio
|
| Issue: | Series 2010 major new state infrastructure project revenue bonds
|
| Amount: | $230 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), Fifth Third Securities Inc., Loop Capital Markets LLC, Bank of America Merrill Lynch, the Huntington Investment Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 14
|
|
|
| $184 million series 2010-3
|
| Amount | Maturity | Type | Coupon | Price
|
| $23 million | 2011 | Serial | 2.5% | 102.201
|
| $11.5 million | 2012 | Serial | 3% | 104.301
|
| $11.5 million | 2012 | Serial | 4% | 106.283
|
| $16.175 million | 2013 | Serial | 4% | 108.264
|
| $6.825 million | 2013 | Serial | 5% | 111.205
|
| $1.575 million | 2014 | Serial | 4% | 109.269
|
| $21.425 million | 2014 | Serial | 5% | 113.131
|
| $11.5 million | 2015 | Serial | 4% | 110.228
|
| $11.5 million | 2015 | Serial | 5% | 114.985
|
| $1 million | 2016 | Serial | 2.25% | 100.335
|
| $22 million | 2016 | Serial | 5% | 115.725
|
| $23 million | 2017 | Serial | 5% | 115.205
|
| $23 million | 2018 | Serial | 5% | 114.671
|
|
|
| $46 million series 2010-4
|
| Amount | Maturity | Type | Coupon | Price
|
| $23 million | 2019 | Term | 4.844% | 100
|
| $23 million | 2020 | Term | 4.994% | 100
|
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