Ohio to sell $208.29 million G.O. highway capital improvement bonds

By Sheri Kasprzak

New York, Sept. 27 - The State of Ohio is expected to price $208.285 million in series 2010 general obligation highway capital improvement bonds, according to a preliminary official statement.

The offering includes $77.265 million in series 2010N tax-exempt G.O. bonds, $97.735 million in series 2010O Build America Bonds and $33.285 million in series 2010P tax-exempt bonds.

The bonds (Aa1/AAA/AA+) will be sold on a negotiated basis with Rice Financial Products Co. and Fifth Third Securities Inc. as the senior managers. The co-managers include the Huntington Investment Co.; J.P. Morgan Securities Inc.; KeyBanc Capital Markets Inc.; PNC Capital Markets LLC; and Stifel, Nicolaus & Co.

The 2010N bonds are due 2012 to 2017, and the 2010O bonds are due 2018 to 2024. The 2010P bonds are due 2011 to 2014.

Proceeds will be used to finance highway capital improvements, as well as to refund the state's 3.3% series 2004H bonds due 2013; 5% series 2004H bonds due 2013; 3.45% series 2004H bonds due 2014; and 5% series 2004H bonds due 2014.

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