Ohio plans $1.1 billion offering of turnpike revenue debt through Citi

By Sheri Kasprzak

New York, July 17 - The State of Ohio plans to price $1,107,865,907.50 of series 2013A turnpike revenue bonds, according to a preliminary official statement.

The deal includes $73.78 million of series 2013A turnpike revenue bonds (Aa3/AA-/AA) and $1,034,085,907.50 of series 2013A turnpike junior lien revenue bonds (A1/A+/A+).

The bonds will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-managers are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch, Fidelity Capital Markets LLC, The Huntington Investment Co., Jefferies & Co., KeyBanc Capital Markets LLC, Loop Capital Markets LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Rice Financial Products Co., Stifel, Nicolaus & Co. and Wells Fargo Securities LLC.

The 2013A turnpike bonds are due Feb. 15, 2050. The 2013A junior lien bonds are due 2019 to 2048 with a term bond due in 2050.

Proceeds will be used to finance capital improvements to the turnpike system.

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