Published on 1/11/2012 in the Prospect News Municipals Daily.
New Issue: Ohio prices $209.42 million G.O. bonds in three tranches
By Sheri Kasprzak
New York, Jan. 11 - The State of Ohio priced $209.42 million of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $80 million of series 2012A third frontier research G.O. bonds, $12 million of series 2012L coal development G.O. bonds and $117.42 million of series 2012A common schools G.O. refunding bonds.
The 2012A third frontier research bonds are due 2012 to 2021 with coupons from 1.5% to 5%.
The 2012L coal development bonds are due 2013 to 2022 with 1.5% to 4% coupons.
The 2012A common school G.O. refunding bonds are due 2016 to 2019 and 2021 to 2023. The coupons range from 4% to 5%. The yields range from 1.1% to 2.34%.
PNC Capital Markets LLC was the senior manager for the bonds (Aa1//AA+).
Proceeds will finance the research and development of clean coal projects, common school projects and the refunding of outstanding G.O. bonds for a net present value savings.
| Issuer: | State of Ohio
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $209.42 million
|
| Type: | Negotiated
|
| Underwriter: | PNC Capital Markets LLC
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 24
|
|
|
| $80 million series 2012A third frontier research G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.51 million | 2012 | Serial | 1.5% | 100.998
|
| $7,295,000 | 2013 | Serial | 2% | 102.674
|
| $7,445,000 | 2014 | Serial | 2% | 103.503
|
| $7.63 million | 2015 | Serial | 3% | 107.61
|
| $3.73 million | 2016 | Serial | 1.5% | 101.853
|
| $4,105,000 | 2016 | Serial | 3% | 108.803
|
| $4.4 million | 2017 | Serial | 1.5% | 101.33
|
| $500,000 | 2017 | Serial | 2% | 104.104
|
| $3,125,000 | 2017 | Serial | 4% | 115.199
|
| $2,035,000 | 2018 | Serial | 3% | 109.89
|
| $6.25 million | 2018 | Serial | 4% | 116.313
|
| $1.2 million | 2019 | Serial | 3% | 109.346
|
| $6.41 million | 2019 | Serial | 4% | 116.592
|
| $1 million | 2019 | Serial | 5% | 123.838
|
| $775,000 | 2020 | Serial | 2% | 100.964
|
| $1.13 million | 2020 | Serial | 3% | 109.014
|
| $7,075,000 | 2020 | Serial | 5% | 125.112
|
| $3.31 million | 2021 | Serial | 3% | 108.001
|
| $6,075,000 | 2021 | Serial | 5% | 125.591
|
|
|
| $12 million series 2012L coal development G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,065,000 | 2013 | Serial | 1.5% | 101.271
|
| $1.09 million | 2014 | Serial | 2% | 102.765
|
| $1.11 million | 2015 | Serial | 2% | 103.42
|
| $1.13 million | 2016 | Serial | 3% | 107.655
|
| $1,165,000 | 2017 | Serial | 3% | 109.048
|
| $1.2 million | 2018 | Serial | 3% | 109.629
|
| $1,235,000 | 2019 | Serial | 4% | 116.307
|
| $1,285,000 | 2020 | Serial | 4% | 116.684
|
| $1.34 million | 2021 | Serial | 3% | 108.129
|
| $1.38 million | 2022 | Serial | 2% | 98.476
|
|
|
| $117.42 million series 2012A common schools G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $8.76 million | 2016 | Serial | 4% | 1.1%
|
| $24,035,000 | 2017 | Serial | 5% | 1.25%
|
| $25.18 million | 2018 | Serial | 5% | 1.45%
|
| $11.36 million | 2019 | Serial | 5% | 1.66%
|
| $11,258,000 | 2021 | Serial | 5% | 2.03%
|
| $24.27 million | 2022 | Serial | 5% | 2.15%
|
| $12.53 million | 2023 | Serial | 5% | 2.34%
|
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