Published on 12/4/2014 in the Prospect News Municipals Daily.
New Issue: Ohio brings to market $218.14 million of infrastructure project bonds
By Sheri Kasprzak
New York, Dec. 4 – The State of Ohio priced $218.14 million of series 2014-1 major new state infrastructure project revenue bonds, according to a pricing sheet.
The deal included $155,875,000 of series 2014-1A bonds and $62,265,000 of series 2014-1B refunding bonds.
The 2014-1A bonds are due 2015 to 2024 with 1% to 5% coupons and yields from 0.15% to 2.43%.
The 2014-1B bonds are due 2018 to 2019 with 5% coupons and yields from 1.08% to 1.35%.
The bonds (Aa2/AA/) were sold through RBC Capital Markets LLC.
Proceeds will be used to finance various highway and bridge projects within the state
| Issuer: | State of Ohio
|
| Issue: | Series 2014-1 major new state infrastructure project revenue bonds
|
| Amount: | $218.14 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), CastleOak Securities LP, Estrada Hinojosa & Co. Inc., PNC Capital Markets LLC, Raymond James/Morgan Keegan and Ross, Sinclaire & Associates LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 17
|
|
|
| $155,875,000 series 2014-1A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $15.59 million | 2015 | Serial | 1% | 100.844 | 0.15%
|
| $15.59 million | 2016 | Serial | 4% | 106.999 | 0.47%
|
| $500,000 | 2017 | Serial | 2% | 103.603 | 0.78%
|
| $15.09 million | 2017 | Serial | 4% | 109.512 | 0.78%
|
| $15.59 million | 2018 | Serial | 5% | 115.284 | 1.08%
|
| $410,000 | 2019 | Serial | 3% | 107.943 | 1.35%
|
| $15.18 million | 2019 | Serial | 5% | 117.571 | 1.35%
|
| $15,585,000 | 2020 | Serial | 5% | 118.919 | 1.67%
|
| $15,585,000 | 2021 | Serial | 5% | 119.779 | 1.96%
|
| $15,585,000 | 2022 | Serial | 5% | 120.749 | 2.16%
|
| $3.02 million | 2023 | Serial | 2.75% | 103.554 | 2.31%
|
| $12,565,000 | 2023 | Serial | 5% | 121.734 | 2.31%
|
| $15,585,000 | 2024 | Serial | 5% | 122.682 | 2.43%
|
|
|
| $62,265,000 series 2014-1B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $31,255,000 | 2018 | Serial | 5% | 115.284 | 1.08%
|
| $31.01 million | 2019 | Serial | 5% | 117.571 | 1.35%
|
|
|
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