Published on 3/21/2012 in the Prospect News Municipals Daily.
New Issue: Ohio prices $442.77 million general obligation bonds in three series
By Sheri Kasprzak
New York, March 21 - The State of Ohio sold $442,765,000 of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $300 million of series 2012A higher education G.O. bonds, $102,615,000 of series 2012B higher education G.O. refunding bonds and $40.15 million of series 2012B infrastructure improvement G.O. refunding bonds.
The 2012A higher education bonds are due 2013 to 2032 with 2% to 5% coupons. The 2012B higher education refunding bonds are due 2016 to 2023 with 5% coupons, and the 2012B infrastructure refunding bonds are due 2016 to 2021 with 5% coupons.
J.P. Morgan Securities LLC was the senior manager for the bonds (Aa1/AA+/AA+).
Proceeds will be used to finance capital improvements to state-supported and state-assisted higher education institutions, as well as to refund outstanding bonds for net present value savings.
| Issuer: | State of Ohio
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $442,765,000
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | March 21
|
| Settlement date: | April 3
|
|
|
| $300 million series 2012A higher education G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.96 million | 2013 | Serial | 2% | 101.487
|
| $4,485,000 | 2014 | Serial | 2% | 102.614
|
| $5.3 million | 2014 | Serial | 5% | 108.061
|
| $5 million | 2015 | Serial | 3% | 106.109
|
| $5.14 million | 2015 | Serial | 5% | 111.689
|
| $325,000 | 2016 | Serial | 3% | 107.218
|
| $10.22 million | 2016 | Serial | 5% | 114.699
|
| $2,675,000 | 2017 | Serial | 2% | 103.359
|
| $1,125,000 | 2017 | Serial | 3% | 108.026
|
| $7,265,000 | 2017 | Serial | 5% | 117.36
|
| $1.46 million | 2018 | Serial | 3% | 107.239
|
| $10.06 million | 2018 | Serial | 5% | 118.294
|
| $310,000 | 2019 | Serial | 4% | 112.838
|
| $11,755,000 | 2019 | Serial | 5% | 119.195
|
| $250,000 | 2020 | Serial | 4% | 112.264
|
| $12,415,000 | 2020 | Serial | 5% | 119.395
|
| $145,000 | 2021 | Serial | 4% | 111.561
|
| $13.15 million | 2021 | Serial | 5% | 119.428
|
| $600,000 | 2022 | Serial | 4% | 111.152
|
| $13.36 million | 2022 | Serial | 5% | 119.733
|
| $2.35 million | 2023 | Serial | 3% | 100
|
| $12.3 million | 2023 | Serial | 5% | 119.699
|
| $1.8 million | 2024 | Serial | 3% | 98.525
|
| $13,535,000 | 2024 | Serial | 5% | 120.228
|
| $2.64 million | 2025 | Serial | 3.125% | 98.178
|
| $13,425,000 | 2025 | Serial | 5% | 120.45
|
| $16.82 million | 2026 | Serial | 5% | 120.354
|
| $17.66 million | 2027 | Serial | 5% | 120.456
|
| $18,545,000 | 2028 | Serial | 5% | 120.548
|
| $19.47 million | 2029 | Serial | 5% | 120.656
|
| $20,445,000 | 2030 | Serial | 5% | 120.954
|
| $21.47 million | 2031 | Serial | 5% | 121.172
|
| $22.54 million | 2032 | Serial | 4.5% | 109.977
|
|
|
| $102,615,000 series 2012B higher education G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $14,585,000 | 2016 | Serial | 5% | 116.253
|
| $15.98 million | 2017 | Serial | 5% | 118.644
|
| $15,985,000 | 2018 | Serial | 5% | 119.186
|
| $16,985,000 | 2019 | Serial | 5% | 119.823
|
| $9,305,000 | 2020 | Serial | 5% | 119.85
|
| $9.4 million | 2021 | Serial | 5% | 119.945
|
| $10,505,000 | 2022 | Serial | 5% | 120.105
|
| $9.87 million | 2023 | Serial | 5% | 118.622
|
|
|
| $40.15 million series 2012B infrastructure improvement G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,885,000 | 2016 | Serial | 5% | 116.558
|
| $6,185,000 | 2017 | Serial | 5% | 118.925
|
| $6,505,000 | 2018 | Serial | 5% | 119.426
|
| $6,835,000 | 2019 | Serial | 5% | 120.033
|
| $7,185,000 | 2020 | Serial | 5% | 120.031
|
| $7,555,000 | 2021 | Serial | 5% | 120.104
|
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