Published on 4/8/2015 in the Prospect News Municipals Daily.
New Issue: Treasurer of Ohio offers up $227.36 million of Portsmouth Group PABs
By Sheri Kasprzak
New York, April 8 – The Treasurer of the State of Ohio sold $227,355,000 of series 2015 tax-exempt private activity bonds for the Portsmouth Group LLC, according to a pricing sheet.
The bonds were sold through J.P. Morgan Securities LLC and Barclays.
The bonds are due 2019 to 2030 with term bonds due in 2035, 2039 and 2053. The serial bonds have 5% coupons and 1.98% to 3.43% yields. The 2035 bonds have a 5% coupon priced at 110.978 to yield 3.7%. The 2039 bonds have a 5% coupon priced at 109.284 to yield 3.89% and a 5% coupon priced at 110.619 to yield 3.74%. The 2053 bonds have a 5% coupon priced at 106.331 to yield 4.23%.
Proceeds will be used to finance the construction of a stretch of the Appalachian Development Highway System through Ohio. The system extends from New York to Mississippi.
| Issuer: | Treasurer of the State of Ohio/Portsmouth Group LLC
|
| Issue: | Series 2015 tax-exempt private activity bonds
|
| Amount: | $227,355,000
|
| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC and Barclays
|
| Pricing date: | April 1
|
| Settlement date: | April 9
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,945,000 | 2019 | Serial | 5% | 112.179 | 1.98%
|
| $1.83 million | 2019 | Serial | 5% | 113.121 | 2.07%
|
| $1,865,000 | 2020 | Serial | 5% | 113.692 | 2.21%
|
| $2,035,000 | 2020 | Serial | 5% | 114.517 | 2.28%
|
| $1,975,000 | 2021 | Serial | 5% | 114.884 | 2.41%
|
| $2,205,000 | 2021 | Serial | 5% | 115.316 | 2.51%
|
| $2.19 million | 2022 | Serial | 5% | 115.285 | 2.66%
|
| $2,325,000 | 2022 | Serial | 5% | 115.785 | 2.72%
|
| $2,305,000 | 2023 | Serial | 5% | 115.819 | 2.83%
|
| $2.59 million | 2023 | Serial | 5% | 116.165 | 2.89%
|
| $2,625,000 | 2024 | Serial | 5% | 116.008 | 3.00%
|
| $2.76 million | 2024 | Serial | 5% | 116.39 | 3.04%
|
| $5.46 million | 2025 | Serial | 5% | 115.776 | 3.18%
|
| $5.35 million | 2026 | Serial | 5% | 116.345 | 3.12%
|
| $5,105,000 | 2027 | Serial | 5% | 115.116 | 3.25%
|
| $5.41 million | 2028 | Serial | 5% | 113.901 | 3.38%
|
| $6,505,000 | 2029 | Serial | 5% | 113.439 | 3.43%
|
| $7,835,000 | 2030 | Serial | 5% | 113.439 | 3.43%
|
| $54,415,000 | 2035 | Term | 5% | 110.978 | 3.70%
|
| $23,695,000 | 2039 | Term | 5% | 109.284 | 3.89%
|
| $23.69 million | 2039 | Term | 5% | 110.619 | 3.74%
|
| $63.24 million | 2053 | Term | 5% | 106.331 | 4.23%
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