Published on 9/19/2013 in the Prospect News Municipals Daily.
New Issue: Ohio prices $400 million general obligation bonds in two tranches
By Sheri Kasprzak
New York, Sept. 19 - The State of Ohio priced $400 million of series 2013B general obligation bonds, according to a pricing sheet.
The deal included $300 million of series 2013B tax-exempt common schools G.O. bonds and $100 million of series 2013B taxable Third Frontier Research and Development G.O. bonds.
The common schools bonds are due 2014 to 2033 with 1% to 5% coupons and 0.18% to 4.5% yields.
The Third Frontier bonds are due 2014 to 2023 with coupons from 0.28% to 3.69%, all priced at par.
The bonds (Aa1/AA+/AA+) were sold competitively, but the issuer did not return calls for the winning bidder Thursday.
Proceeds will be used to finance capital facilities for common schools within the state and to fund research and development projects.
| Issuer: | State of Ohio
|
| Issue: | Series 2013B general obligation bonds
|
| Amount: | $400 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 26
|
|
|
| $300 million series 2013B tax-exempt common schools G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13.15 million | 2014 | Serial | 1% | 100.589 | 0.18%
|
| $9,395,000 | 2015 | Serial | 3% | 104.397 | 0.43%
|
| $9,865,000 | 2016 | Serial | 4% | 108.675 | 0.77%
|
| $10,355,000 | 2017 | Serial | 4% | 110.731 | 1.05%
|
| $10,875,000 | 2018 | Serial | 5% | 115.541 | 1.57%
|
| $11,415,000 | 2019 | Serial | 5% | 116.9 | 1.87%
|
| $11.99 million | 2020 | Serial | 5% | 117.739 | 2.15%
|
| $12.59 million | 2021 | Serial | 5% | 117.909 | 2.44%
|
| $13,215,000 | 2022 | Serial | 5% | 117.843 | 2.69%
|
| $13,875,000 | 2023 | Serial | 5% | 117.949 | 2.87%
|
| $14.57 million | 2024 | Serial | 5% | 112.658 | 3.14%
|
| $15.3 million | 2025 | Serial | 5% | 111.352 | 3.32%
|
| $16,065,000 | 2026 | Serial | 4% | 101.859 | 3.72%
|
| $16.87 million | 2027 | Serial | 4% | 100.789 | 3.88%
|
| $17.71 million | 2028 | Serial | 4% | 100 | 4.00%
|
| $18,595,000 | 2029 | Serial | 4.125% | 99.708 | 4.15%
|
| $19,525,000 | 2030 | Serial | 4.25% | 99.875 | 4.26%
|
| $20,505,000 | 2031 | Serial | 4.25% | 98.889 | 4.34%
|
| $21.53 million | 2032 | Serial | 4.375% | 99.425 | 4.42%
|
| $22,605,000 | 2033 | Serial | 4.5% | 100 | 4.50%
|
|
|
| $100 million series 2013B taxable Third Frontier Research and Development G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9,355,000 | 2014 | Serial | 0.28% | 100 | 0.28%
|
| $9.39 million | 2015 | Serial | 0.63% | 100 | 0.63%
|
| $9.46 million | 2016 | Serial | 1.09% | 100 | 1.09%
|
| $9,575,000 | 2017 | Serial | 1.67% | 100 | 1.67%
|
| $9.73 million | 2018 | Serial | 2.12% | 100 | 2.12%
|
| $9.93 million | 2019 | Serial | 2.55% | 100 | 2.55%
|
| $10,175,000 | 2020 | Serial | 2.90% | 100 | 2.90%
|
| $10.46 million | 2021 | Serial | 3.16% | 100 | 3.16%
|
| $10,785,000 | 2022 | Serial | 3.46% | 100 | 3.46%
|
| $11.14 million | 2023 | Serial | 3.69% | 100 | 3.69%
|
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