Ohio prepares $581.69 million sale of G.O. refunding bonds

By Sheri Kasprzak

New York, Sept. 22 - The State of Ohio is gearing up to bring to market $581.69 million of series 2010 general obligation refunding bonds (Aa1/AA+/AA+), said a preliminary official statement.

The offering includes $26.63 million of series 2010A conservation projects G.O. refunding bonds, $178.035 million of series 2010C higher education G.O. refunding bonds, $330.32 million of series 2010C common schools G.O. refunding bonds and $46.705 million of series 2010D infrastructure improvement G.O. refunding bonds.

The 2010A bonds are due 2014 to 2019. The 2010C higher education bonds are due 2015 to 2022, and the 2010C common schools bonds are due 2015 to 2022. The 2010D bonds are due 2013 to 2022.

J.P. Morgan Securities Inc. and KeyBanc Capital Markets Inc. are the co-lead managers. The co-managers include Fidelity Capital Markets LLC; Fifth Third Securities Inc.; Huntington Investment Co.; Morgan Stanley & Co. Inc.; RBC Capital Markets Corp.; Ramirez & Co. Inc.; Robert W. Baird & Co.; Ross, Sinclaire & Associates LLC; Stifel, Nicolaus & Co.; and Wells Fargo Securities LLC.

Proceeds will be used to refund existing debt originally issued to finance various capital improvement projects.

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