Published on 3/12/2014 in the Prospect News Municipals Daily.
New Issue: Ohio prices $300 million of higher education general obligation bonds
By Sheri Kasprzak
New York, March 12 - The State of Ohio offered $300 million of series 2014A higher education general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AA+/AA+) were sold competitively. Morgan Stanley & Co. LLC won the bid at a 3.57% true interest cost, said Kurt Kauffman, the state's debt manager.
The bonds are due 2015 to 2034 with 3% to 5% coupons and 0.18% to 3.71% yields.
Proceeds will be used to finance capital improvements for state-supported and state-assisted higher education facilities.
| Issuer: | State of Ohio
|
| Issue: | Series 2014A higher education general obligation bonds
|
| Amount: | $300 million
|
| Type: | Competitive
|
| Underwriter: | Morgan Stanley & Co. LLC (winner)
|
| TIC: | 3.57%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | March 11
|
| Settlement date: | March 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,805,000 | 2015 | Serial | 3% | 103.128 | 0.18%
|
| $10.48 million | 2016 | Serial | 3% | 105.568 | 0.35%
|
| $10.69 million | 2017 | Serial | 3% | 107.45 | 0.58%
|
| $11.01 million | 2018 | Serial | 5% | 116.598 | 0.88%
|
| $11,345,000 | 2019 | Serial | 5% | 118.728 | 1.21%
|
| $11,685,000 | 2020 | Serial | 5% | 119.717 | 1.6%
|
| $12.15 million | 2021 | Serial | 5% | 120.011 | 1.97%
|
| $12,635,000 | 2022 | Serial | 4% | 112.197 | 2.34%
|
| $13.27 million | 2023 | Serial | 4% | 111.72 | 2.55%
|
| $13.93 million | 2024 | Serial | 4% | 111.527 | 2.69%
|
| $14.63 million | 2025 | Serial | 5% | 115.861 | 2.8%
|
| $15.36 million | 2026 | Serial | 5% | 114.689 | 2.95%
|
| $16,125,000 | 2027 | Serial | 5% | 113.761 | 3.07%
|
| $16,935,000 | 2028 | Serial | 5% | 112.918 | 3.18%
|
| $17.78 million | 2029 | Serial | 5% | 112.083 | 3.29%
|
| $18.67 million | 2030 | Serial | 5% | 111.33 | 3.39%
|
| $19,605,000 | 2031 | Serial | 5% | 110.434 | 3.51%
|
| $20,585,000 | 2032 | Serial | 5% | 109.842 | 3.59%
|
| $21,615,000 | 2033 | Serial | 5% | 109.327 | 3.66%
|
| $22,695,000 | 2034 | Serial | 5% | 108.96 | 3.71%
|
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