New Issue: Ohio sells $51.63 million Case Western Reserve University revenue bonds

By Sheri Kasprzak

New York, Feb. 10 – The State of Ohio sold $51.63 million of series 2015A higher educational facility revenue bonds, according to a pricing sheet.

The bonds (A1/AA-/) were sold through senior manager Morgan Stanley & Co. LLC.

The bonds are due 2015 to 2029 with a term bond due in 2034. The serial coupons range from 2% to 5% with 0.17% to 2.74% yields. The 2034 bonds have a 2.5% coupon priced at par.

Proceeds will be used to finance capital improvements at the Cleveland-based university.

Issuer:	State of Ohio/Case Western Reserve University
Issue:	Series 2015A higher educational facility revenue bonds
Amount:	$51.63 million
Type:	Negotiated
Underwriters:	Morgan Stanley & Co. LLC (lead), J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
Ratings:	Moody’s: A1
	Standard & Poor’s: AA-
Pricing date:	Feb. 5
Settlement date:	Feb. 25
Amount	Maturity	Type	Coupon	Price	Yield
$1.23 million	2015	Serial	2%	101.401	0.17%
$1,635,000	2016	Serial	2%	102.706	0.46%
$1.67 million	2017	Serial	3%	106.318	0.69%
$1.72 million	2018	Serial	4%	111.375	0.92%
$1.79 million	2019	Serial	4%	113.28	1.13%
$1.86 million	2020	Serial	5%	119.875	1.40%
$1.95 million	2021	Serial	5%	121.577	1.62%
$2,045,000	2022	Serial	5%	122.688	1.85%
$2.15 million	2023	Serial	5%	123.467	2.06%
$2.26 million	2024	Serial	5%	124.087	2.24%
$2.37 million	2025	Serial	5%	122.513	2.40%
$2.49 million	2026	Serial	5%	121.348	2.52%
$2,615,000	2027	Serial	5%	120.483	2.61%
$2,745,000	2028	Serial	5%	119.72	2.69%
$1.1 million	2029	Serial	5%	119.247	2.74%
$22 million	2034	Term	2.5%	100	2.50%

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