Published on 9/30/2010 in the Prospect News Municipals Daily.
New Issue: Ohio sells $226.13 million general obligation bonds
By Sheri Kasprzak
New York, Sept. 30 - The State of Ohio came to market Thursday with $226.13 million in series 2010 general obligation refunding bonds (Aa1/AA+/AA+), significantly reduced from its planned $581.69 million sale.
The offering included $22.595 million in series 2010A conservation projects G.O. refunding bonds, $98.56 million in series 2010C higher education G.O. refunding bonds, $94.835 million in series 2010C common schools G.O. refunding bonds and $10.14 million in series 2010D infrastructure improvement G.O. refunding bonds.
The 2010A bonds are due 2014 to 2019 with coupons from 2% to 4%. The 2010C higher education bonds are due 2015 to 2022 with 2.75% to 5% coupons. The 2010C common schools bonds are due 2015 to 2022 with coupons from 4.25% to 5%. The 2010D infrastructure bonds are due 2013 to 2020 with 2% to 2.5% coupons.
J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. were the senior managers. The co-managers were Fidelity Capital Markets LLC, Fifth Third Securities Inc., the 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 capital improvement projects.
| Issuer: | State of Ohio
|
| Issue: | Series 2010 general obligation refunding bonds
|
| Amount: | $226.13 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. (lead), Fidelity Capital Markets LLC, Fifth Third Securities Inc., the 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 (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 8
|
|
|
| Series 2010A conservation projects G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $700,000 | 2014 | Serial | 2% | 103.54
|
| $3.225 million | 2014 | Serial | 3% | 107.347
|
| $1.285 million | 2015 | Serial | 2% | 102.686
|
| $2.815 million | 2015 | Serial | 3.5% | 109.755
|
| $685,000 | 2016 | Serial | 2% | 101.338
|
| $2.4 million | 2016 | Serial | 4% | 112.493
|
| $4.32 million | 2017 | Serial | 4% | 112.549
|
| $1.05 million | 2018 | Serial | 2.7% | 102.872
|
| $3.665 million | 2018 | Serial | 4% | 112.21
|
| $90,000 | 2019 | Serial | 2.25% | 97.78
|
| $265,000 | 2019 | Serial | 3% | 103.721
|
| $2.095 million | 2019 | Serial | 4% | 111.643
|
|
|
| Series 2010C higher education refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.37 million | 2015 | Serial | 5% | 116.548
|
| $16.56 million | 2016 | Serial | 5% | 117.828
|
| $16.56 million | 2017 | Serial | 5% | 118.738
|
| $10.565 million | 2018 | Serial | 5% | 119.206
|
| $11.24 million | 2019 | Serial | 5% | 119.4
|
| $200,000 | 2020 | Serial | 5% | 119.518
|
| $625,000 | 2021 | Serial | 2.75% | 98.705
|
| $20 million | 2021 | Serial | 4.25% | 112.549
|
| $3.695 million | 2021 | Serial | 5% | 119.472
|
| $295,000 | 2022 | Serial | 3% | 99.898
|
| $11.45 million | 2022 | Serial | 4.25% | 112.247
|
|
|
| Series 2010C common schools refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.39 million | 2015 | Serial | 5% | 116.954
|
| $16.58 million | 2016 | Serial | 5% | 118.185
|
| $16.585 million | 2017 | Serial | 5% | 119.052
|
| $10.565 million | 2018 | Serial | 5% | 119.482
|
| $11.24 million | 2019 | Serial | 5% | 119.642
|
| $200,000 | 2020 | Serial | 5% | 119.732
|
| $200,000 | 2020 | Serial | 5% | 119.732
|
| $625,000 | 2021 | Serial | 5% | 119.661
|
| $20 million | 2022 | Serial | 4.25% | 112.354
|
| $11.45 million | 2022 | Serial | 4.25% | 112.354
|
|
|
| Series 2010D infrastructure refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $225,000 | 2013 | Serial | 2% | 103.502
|
| $125,000 | 2014 | Serial | 2% | 103.465
|
| $130,000 | 2015 | Serial | 2% | 102.641
|
| $490,000 | 2016 | Serial | 2% | 101.319
|
| $6.795 million | 2017 | Serial | 2% | 99.745
|
| $2 million | 2018 | Serial | 2.125% | 98.753
|
| $200,000 | 2018 | Serial | 2.125% | 98.753
|
| $90,000 | 2019 | Serial | 2.25% | 97.798
|
| $85,000 | 2020 | Serial | 2.5% | 98.114
|
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