Published on 5/1/2014 in the Prospect News Municipals Daily.
New Issue: Ohio prices $338.58 million general obligation refunding bonds
By Sheri Kasprzak
New York, May 1 - The State of Ohio priced $338,575,000 of series 2014 general obligation refunding bonds, according to a pricing sheet.
The deal included $162,415,000 of series 2014A common schools G.O. refunding bonds, $116.29 million of series 2014B higher education G.O. refunding bonds and $59.87 million of series 2014C infrastructure improvement G.O. refunding bonds.
The 2014A bonds are due 2018 to 2023 with 5% coupons and yields from 1.14% to 2.37%. The 2014B bonds are due 2018 to 2024 with 5% coupons and 1.12% to 2.49% yields. The 2014C bonds are due 2018 to 2024 with 5% coupons and yields from 1.09% to 2.5%.
The bonds (Aa1/AA+/AA+) were sold competitively.
Proceeds will be used to refund the state's series 2006D and 2007A common schools G.O.s, its series 2006A-B higher education G.O.s and its 2005A, 2006A and 2007A infrastructure improvement G.O.s.
| Issuer: | State of Ohio
|
| Issue: | Series 2014 general obligation refunding bonds
|
| Amount: | $338,575,000
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | May 1
|
| Settlement date: | May 29
|
|
|
| $162,415,000 series 2014A common schools G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $24.25 million | 2018 | Serial | 5% | 116.13 | 1.14%
|
| $25,335,000 | 2019 | Serial | 5% | 118.082 | 1.44%
|
| $26,415,000 | 2020 | Serial | 5% | 119.485 | 1.72%
|
| $27,555,000 | 2021 | Serial | 5% | 120.566 | 1.96%
|
| $28.77 million | 2022 | Serial | 5% | 121.204 | 2.19%
|
| $30.09 million | 2023 | Serial | 5% | 121.82 | 2.37%
|
|
|
| $116.29 million series 2014B higher education G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $14,225,000 | 2018 | Serial | 5% | 115.771 | 1.12%
|
| $14.96 million | 2019 | Serial | 5% | 117.844 | 1.41%
|
| $15,725,000 | 2020 | Serial | 5% | 119.32 | 1.69%
|
| $16.53 million | 2021 | Serial | 5% | 120.393 | 1.94%
|
| $17,375,000 | 2022 | Serial | 5% | 121.085 | 2.17%
|
| $18.27 million | 2023 | Serial | 5% | 121.747 | 2.35%
|
| $19,205,000 | 2024 | Serial | 5% | 122.429 | 2.49%
|
|
|
| $59.87 million series 2014C infrastructure G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,735,000 | 2018 | Serial | 5% | 116.214 | 1.09%
|
| $12,345,000 | 2019 | Serial | 5% | 118.177 | 1.40%
|
| $6.46 million | 2020 | Serial | 5% | 119.371 | 1.72%
|
| $6,795,000 | 2021 | Serial | 5% | 120.164 | 2.00%
|
| $7.14 million | 2022 | Serial | 5% | 121.029 | 2.20%
|
| $7,505,000 | 2023 | Serial | 5% | 121.645 | 2.38%
|
| $7.89 million | 2024 | Serial | 5% | 122.488 | 2.50%
|
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