Published on 11/3/2011 in the Prospect News Municipals Daily.
New Issue: Oregon sells $101.62 million of general obligation refunding bonds
By Sheri Kasprzak
New York, Nov. 3 - The State of Oregon sold $101.62 million of series 2011 general obligation bonds, according to a pricing sheet.
The offering included $59.865 million of series 2011N Oregon Opportunity bonds, $36.28 million of series 2011O various project bonds and $5.475 million of series 2011P various project refunding bonds.
The 2011N bonds are due 2015 to 2023 with 3% to 5% coupons. The 2011O bonds are due 2014 to 2028 with 2.5% to 5% coupons. The 2011P bonds are due 2013 to 2028 with 2.5% to 4% coupons.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. were the lead managers for the bonds (Aa1/AA+/AA+). The co-managers were Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to refund the state's series 2003 general obligation bonds.
| Issuer: | State of Oregon
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $101.62 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 9
|
|
|
| $59.865 million series 2011N Oregon Opportunity bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.63 million | 2015 | Serial | 3% | 107.443
|
| $5.835 million | 2016 | Serial | 4% | 112.399
|
| $6.07 million | 2017 | Serial | 4% | 113.192
|
| $6.32 million | 2018 | Serial | 4% | 113.46
|
| $6.575 million | 2019 | Serial | 4% | 112.834
|
| $6.885 million | 2020 | Serial | 5% | 120.246
|
| $3.175 million | 2021 | Serial | 3% | 103.43
|
| $4.03 million | 2021 | Serial | 5% | 121.026
|
| $3.775 million | 2022 | Serial | 3% | 102.36
|
| $3.725 million | 2022 | Serial | 5% | 119.851
|
| $7.845 million | 2023 | Serial | 5% | 118.497
|
|
|
| $36.28 million series 2011O various project bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $345,000 | 2014 | Serial | 2.5% | 104.338
|
| $845,000 | 2015 | Serial | 3% | 106.5
|
| $870,000 | 2016 | Serial | 3% | 106.83
|
| $2.995 million | 2017 | Serial | 5% | 117.361
|
| $3.145 million | 2018 | Serial | 5% | 118.676
|
| $3.315 million | 2019 | Serial | 5% | 119.056
|
| $1.7 million | 2020 | Serial | 5% | 119.329
|
| $6.3 million | 2021 | Serial | 5% | 120.231
|
| $3.805 million | 2022 | Serial | 5% | 119.119
|
| $1.975 million | 2023 | Serial | 5% | 117.837
|
| $2.02 million | 2024 | Serial | 5% | 116.571
|
| $2.125 million | 2025 | Serial | 4% | 105.573
|
| $2.2 million | 2026 | Serial | 3.25% | 98.07
|
| $2.285 million | 2027 | Serial | 3.25% | 96.682
|
| $2.355 million | 2028 | Serial | 3.5% | 98.397
|
|
|
| $5.475 million series 2011P various project refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $260,000 | 2013 | Serial | 2.5% | 103.931
|
| $270,000 | 2014 | Serial | 3% | 106.582
|
| $280,000 | 2015 | Serial | 3% | 107.293
|
| $285,000 | 2016 | Serial | 3% | 107.417
|
| $295,000 | 2017 | Serial | 3% | 107.359
|
| $305,000 | 2018 | Serial | 4% | 113.313
|
| $315,000 | 2019 | Serial | 4% | 112.714
|
| $330,000 | 2020 | Serial | 3% | 104.079
|
| $340,000 | 2021 | Serial | 4% | 112.14
|
| $355,000 | 2022 | Serial | 4% | 111.026
|
| $370,000 | 2023 | Serial | 4% | 109.017
|
| $385,000 | 2024 | Serial | 3% | 98.516
|
| $400,000 | 2025 | Serial | 4% | 105.822
|
| $415,000 | 2026 | Serial | 4% | 104.867
|
| $425,000 | 2027 | Serial | 4% | 103.923
|
| $445,000 | 2028 | Serial | 3.5% | 98.362
|
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