By Sheri Kasprzak
New York, July 20 - The State of Ohio sold Wednesday $488.775 million of series 2011 general obligation refunding bonds, according to a term sheet.
The deal included $211.53 million of series 2011A common schools G.O. refunding bonds, $127.765 million of series 2011A higher education G.O. refunding bonds, $114.285 million of series 2011B infrastructure improvement G.O. refunding bonds and $35.195 million of series 2011P natural resources G.O. refunding bonds.
The 2011A common schools bonds are due 2014 to 2024 with 4% to 5% coupons. The 2011A higher education bonds are due 2014 to 2024 with 4% to 5% coupons. The 2011B infrastructure bonds are due 2014 to 2024 with 4% to 5% coupons, and the 2011P natural resources bonds are due 2014 to 2024 with 2% to 4% coupons.
The senior managers for the bonds (Aa1) were Morgan Stanley & Co. Inc. and Fifth Third Securities Inc. The co-managers were 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.
Proceeds will be used to refund existing debt used to finance common schools, higher education, infrastructure and natural resources projects.
| Issuer: | State of Ohio
|
| Issue: | Series 2011 general obligation refunding bonds
|
| Amount: | $488.775 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Fifth Third Securities Inc. (lead); 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. (co-managers)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 4
|
|
|
| $211.53 million series 2011A common schools bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.735 million | 2014 | Serial | 4% | 109.71
|
| $8.095 million | 2015 | Serial | 5% | 115.486
|
| $32.88 million | 2016 | Serial | 5% | 117.219
|
| $19.68 million | 2017 | Serial | 5% | 117.794
|
| $20.735 million | 2018 | Serial | 5% | 117.66
|
| $24.11 million | 2019 | Serial | 5% | 116.924
|
| $25.27 million | 2020 | Serial | 5% | 116.649
|
| $36.77 million | 2021 | Serial | 5% | 116.596
|
| $11.485 million | 2022 | Serial | 5% | 115.724
|
| $12.075 million | 2023 | Serial | 5% | 114.825
|
| $12.695 million | 2024 | Serial | 5% | 114.204
|
|
|
| $127.765 million series 2011A higher education bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.295 million | 2014 | Serial | 4% | 109.336
|
| $5.54 million | 2015 | Serial | 5% | 115.039
|
| $5.825 million | 2016 | Serial | 5% | 116.826
|
| $6.12 million | 2017 | Serial | 5% | 117.461
|
| $15.565 million | 2018 | Serial | 5% | 117.383
|
| $16.125 million | 2019 | Serial | 5% | 116.699
|
| $17.86 million | 2020 | Serial | 5% | 116.457
|
| $18.76 million | 2021 | Serial | 5% | 116.428
|
| $19.725 million | 2022 | Serial | 5% | 115.585
|
| $8.265 million | 2023 | Serial | 5% | 114.709
|
| $8.685 million | 2024 | Serial | 5% | 114.104
|
|
|
| $114.285 million series 2011B infrastructure improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.925 million | 2014 | Serial | 4% | 109.336
|
| $7.245 million | 2015 | Serial | 5% | 115.039
|
| $9.315 million | 2016 | Serial | 4% | 112.018
|
| $7.93 million | 2017 | Serial | 5% | 117.461
|
| $645,000 | 2018 | Serial | 4% | 110.945
|
| $7.69 million | 2018 | Serial | 5% | 117.383
|
| $16.2 million | 2019 | Serial | 5% | 116.699
|
| $5.155 million | 2020 | Serial | 4% | 108.582
|
| $11.385 million | 2020 | Serial | 5% | 116.457
|
| $9.68 million | 2021 | Serial | 5% | 116.428
|
| $10.175 million | 2022 | Serial | 5% | 115.585
|
| $10.695 million | 2023 | Serial | 5% | 114.709
|
| $11.245 million | 2024 | Serial | 5% | 114.104
|
|
|
| $35.195 million series 2011P natural resources bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.015 million | 2014 | Serial | 2% | 103.594
|
| $6.52 million | 2015 | Serial | 3% | 107.519
|
| $6.75 million | 2016 | Serial | 3% | 107.44
|
| $4.16 million | 2017 | Serial | 4% | 112.117
|
| $1.78 million | 2018 | Serial | 3% | 104.603
|
| $1.835 million | 2019 | Serial | 3% | 102.407
|
| $1.89 million | 2020 | Serial | 3% | 100.717
|
| $1.945 million | 2021 | Serial | 3% | 99.303
|
| $2.015 million | 2022 | Serial | 4% | 106.494
|
| $2.1 million | 2023 | Serial | 4% | 105.019
|
| $2.185 million | 2024 | Serial | 4% | 103.843
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
