Ohio prepares to sell $416.75 million of G.O. refunding bonds

By Sheri Kasprzak

New York, July 18 - The State of Ohio is set to price $416.75 million of series 2011 general obligation refunding bonds during the week of July 18, according to a preliminary official statement.

The bonds will be sold on a negotiated basis with Morgan Stanley & Co. Inc. and Fifth Third Securities Inc. as the senior managers.

The co-managers are Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Fidelity Capital Markets Inc.; George K. Baum & Co.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Jefferies & Co.; KeyBanc Capital Markets LLC; PNC Capital Markets LLC; and Ross Sinclaire & Associates Inc.

The deal includes $184.28 million of series 2011A common schools G.O. refunding bonds, $108.145 million of series 2011A higher education G.O. refunding bonds, $98.86 million of series 2011B infrastructure improvement G.O. refunding bonds and $25.465 million of series 2011P natural resources G.O. refunding bonds.

The 2011A common schools bonds are due 2014 to 2024, and the 2011A higher education bonds are due 2014 to 2024. The 2011B infrastructure bonds are due 2014 to 2024, and the 2011P natural resources bonds are also due 2014 to 2024.

Proceeds will be used to refund existing debt used to finance common schools, higher education, infrastructure and natural resources projects within the state.

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