By Sheri Kasprzak
New York, March 24 - The State of Oregon priced $182.85 million of series 2011 lottery revenue bonds on Wednesday, according to a term sheet.
The deal included $131.745 million of series 2011A tax-exempt bonds, $27.57 million of series 2011B tax-exempt refunding bonds and $23.535 million of series 2011C federally taxable bonds.
The 2011A bonds are due 2023 to 2028 and 2030 to 2031. Coupons range from 4% to 5.25%. The 2011B bonds are due 2019 to 2021 with 3% to 5% coupons. The 2011C bonds are due 2021 to 2022 with 4.345% and 4.495% coupons, respectively, both priced at par.
Morgan Stanley & Co. Inc. and Citigroup Global Markets Inc. were the senior managers. The co-managers were Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to make loans for infrastructure projects.
| Issuer: | State of Oregon
|
| Issue: | Series 2011 lottery revenue bonds
|
| Amount: | $182.85 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Citigroup Global Markets Inc. (lead), Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Pricing date: | March 23
|
| Settlement date: | March 31
|
|
|
| $131.745 million series 2011A
|
| Maturity | Type | Coupon | Price
|
| 2023 | Serial | 5.25% | 113.036
|
| 2024 | Serial | 5.25% | 111.529
|
| 2025 | Serial | 5.25% | 110.219
|
| 2026 | Serial | 4% | 98.667
|
| 2026 | Serial | 5.25% | 109.185
|
| 2027 | Serial | 5.25% | 108.417
|
| 2028 | Serial | 5.25% | 107.655
|
| 2030 | Serial | 5.25% | 106.069
|
| 2031 | Serial | 4.5% | 99.088
|
| 2031 | Serial | 5.25% | 105.409
|
|
|
| $27.57 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| 2019 | Serial | 4% | 108.622
|
| 2019 | Serial | 5% | 115.748
|
| 2020 | Serial | 3% | 99.609
|
| 2020 | Serial | 5% | 115.246
|
| 2021 | Serial | 5% | 114.471
|
|
|
| $23.535 million series 2011C
|
| Maturity | Type | Coupon | Price
|
| 2021 | Serial | 4.345% | 100
|
| 2022 | Serial | 4.495% | 100
|
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