By Sheri Kasprzak
New York, March 8 - The State of Ohio came to market with $60.755 million of series 2011 higher educational facility revenue bonds for the University of Dayton, according to an official statement.
The sale included $32.755 million of series 2011A bonds and $28 million of series 2011B bonds.
The bonds (A2/A/) were sold through Morgan Stanley & Co. Inc.
The 2011A bonds are due 2011 to 2017 with term bonds due 2030 and 2041. The serial coupons range from 2% to 5% and yields range from 0.72% to 3.32%. The 2030 bonds have a 5.375% coupon to yield 5.48%, and the 2041 bonds have a 5.625% coupon to yield 5.75%.
The 2011B bonds are due July 1, 2016 and bear interest at the Sifma rate plus 125 bps.
Proceeds will be used to construct, equip, renovate, upgrade and furnish educational facilities at the University of Dayton, as well as to refund the university's series 2001 bonds.
| Issuer: | State of Ohio/University of Dayton
|
| Issue: | Series 2011 higher educational facility revenue bonds
|
| Amount: | $60.755 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | March 3
|
| Settlement date: | March 16
|
|
|
| $32.755 million series 2011A
|
| Amount | Maturity | Type | Coupon | Yield
|
| $2.69 million | 2011 | Serial | 2% | 0.72%
|
| $2.755 million | 2012 | Serial | 4% | 1.375%
|
| $2.87 million | 2013 | Serial | 4% | 1.98%
|
| $3 million | 2014 | Serial | 5% | 2.45%
|
| $3.155 million | 2015 | Serial | 5% | 2.75%
|
| $1.7 million | 2016 | Serial | 4% | 3.05%
|
| $1.775 million | 2017 | Serial | 5% | 3.32%
|
| $7 million | 2030 | Term | 5.375% | 5.48%
|
| $7.81 million | 2041 | Term | 5.625% | 5.75%
|
|
|
| $28 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| July 1, 2016 | Term | Sifma plus 125 bps | 100
|
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