Published on 6/12/2012 in the Prospect News Municipals Daily.
New Issue: Ohio sells $287.69 million of G.O. bonds competitively in four parts
By Sheri Kasprzak
New York, June 12 - The State of Ohio sold $287,685,000 of series 2012 general obligation bonds, said a pricing sheet.
The deal included $138.64 million of series 2012C common schools refunding bonds, $103,345,000 of series 2012C higher education refunding bonds, $15,385,000 of series 2012C infrastructure improvement refunding bonds, $15.14 million of series 2012A conservation projects refunding bonds and $15,175,000 of series R natural resources refunding bonds.
The 2012C common schools bonds are due 2016 to 2023 with 5% coupons. The 2012C higher education bonds are due 2017 to 2024 with 5% coupons. The 2012C infrastructure bonds are due 2022 to 2023 with 5% coupons. The 2012A conservation bonds are due 2015 to 2018 with 5% coupons. The full details of the series R bonds were unavailable Tuesday.
The bonds (Aa1/AA+/AA+) were sold competitively. The winning bidder for the common schools bonds was Bank of America Merrill Lynch with a 1.843% true interest cost, said Kurt Kauffman with the state's Office of Budget and Management. Bank of America Merrill Lynch also won the higher education bonds with a 2.237% TIC and the infrastructure improvement bonds with a 2.435% TIC. J.P. Morgan Securities LLC won the bid for the conservation bonds with a 1.231% TIC. FTN Financial won the bid for the natural resources bonds at a 1.369% TIC.
Proceeds will be used to refund the state's series 2004A-B common schools G.O.s, series 2004A and 2005A higher education G.O.s, series 2004D infrastructure improvement G.O.s and series 2004A conservation projects G.O.s.
| Issuer: | State of Ohio
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $287,685,000
|
| Type: | Competitive
|
| Underwriters: | Bank of America Merrill Lynch (winner for common schools, higher education and infrastructure improvement bonds), J.P. Morgan Securities LLC (winner for conservation project bonds), FTN Financial (winner for natural resources bonds)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | June 12
|
| Settlement date: | June 22
|
|
|
| $138.64 million series 2012C common schools G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.37 million | 2016 | Serial | 5% | 116.662
|
| $20.27 million | 2017 | Serial | 5% | 119.263
|
| $21.22 million | 2018 | Serial | 5% | 120.742
|
| $22.17 million | 2019 | Serial | 5% | 122.513
|
| $23.18 million | 2020 | Serial | 5% | 123.256
|
| $10,385,000 | 2021 | Serial | 5% | 123.742
|
| $10.8 million | 2022 | Serial | 5% | 124.485
|
| $11,245,000 | 2023 | Serial | 5% | 124.899
|
|
|
| $103,345,000 series 2012C higher education G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,685,000 | 2017 | Serial | 5% | 118.827
|
| $7.03 million | 2018 | Serial | 5% | 120.354
|
| $7.39 million | 2019 | Serial | 5% | 122.005
|
| $16.83 million | 2020 | Serial | 5% | 122.77
|
| $17,625,000 | 2021 | Serial | 5% | 123.458
|
| $18.51 million | 2022 | Serial | 5% | 124.226
|
| $19.46 million | 2023 | Serial | 5% | 124.665
|
| $9,815,000 | 2024 | Serial | 5% | 124.79
|
|
|
| $15,385,000 series 2012C infrastructure improvement G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.5 million | 2022 | Serial | 5% | 124.402
|
| $7,885,000 | 2023 | Serial | 5% | 124.825
|
|
|
| $15.14 million series 2012A conservancy projects G.O. refunding bonds
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 5% | NRO
|
| 2016 | Serial | 5% | 116.827
|
| 2017 | Serial | 5% | 119.458
|
| 2018 | Serial | 5% | 121.476
|
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