New Issue: Oregon prices $312.34 million of G.O. bonds

By Sheri Kasprzak

New York, May 19 - The State of Oregon priced $312,342,500 of series 2011 general obligation bonds (Aa1/AA+/AA+), according to a term sheet released Thursday.

The sale includes $9,222,500 of series 2011I seismic grants bonds, $152.72 million of series 2011J state property bonds, $59.845 million of series 2011K Oregon Department of Transportation bonds and $90.555 million of series 2011L refunding bonds.

The 2011I bonds are due 2012 to 2031 with a term bond due in 2036. The serial coupons range from 2% to 4.25%. The 2036 bonds have a 4.5% coupon priced at 98.815.

The 2011J bonds are due 2012 to 2032 with a term bond due in 2036. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 109.025.

The 2011K bonds are due 2013 to 2032 with a 2036 term bond. The serial coupons range from 3% to5%. The 2036 bonds have a 5% coupon priced at 109.025.

The 2011L bonds are due 2014 to 2018 and 2021 to 2026 with 5% coupons across the board.

Citigroup Global Markets Inc. and Bank of America Merrill Lynch were the senior managers. The co-managers were RBC Capital Markets LLC, J.P. Morgan Securities LLC, Fidelity Capital Markets LLC, Morgan Stanley & Co. Inc., Seattle-Northwest Securities Inc. and Siebert Brandford Shank & Co. LLC.

Proceeds will be used to fund seismic research, state property improvements, Oregon Department of Transportation improvements, as well as to refund the state's series 2001B bonds.

Issuer:	State of Oregon
Issue:	Series 2011 general obligation bonds
Amount:	$312,342,500
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. and Bank of America Merrill Lynch (lead), RBC Capital Markets LLC, J.P. Morgan Securities LLC, Fidelity Capital Markets LLC, Morgan Stanley & Co. Inc., Seattle-Northwest Securities Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
Ratings:	Moody's: Aa1
	Standard & Poor's: AA+
	Fitch: AA+
Pricing date:	May 18
Settlement date:	May 26
$9,222,500 series 2011I seismic grants bonds
Amount	Maturity	Type	Coupon	Price
$200,000	2012	Serial	2%	101.719
$205,000	2013	Serial	2%	103.001
$215,000	2014	Serial	2%	103.505
$215,000	2015	Serial	3%	107.236
$225,000	2016	Serial	3%	108.074
$225,000	2017	Serial	3%	107.164
$235,000	2018	Serial	3%	106.244
$245,000	2019	Serial	3%	104.797
$250,000	2020	Serial	3%	103.439
$255,000	2021	Serial	3%	101.999
$265,000	2022	Serial	3%	99.813
$275,000	2023	Serial	3.125%	98.862
$285,000	2024	Serial	3.25%	97.814
$290,000	2025	Serial	3.625%	99.401
$305,000	2026	Serial	3.75%	99.318
$315,000	2027	Serial	3.875%	99.585
$325,000	2028	Serial	4%	100
$340,000	2029	Serial	4%	98.985
$350,000	2030	Serial	4.125%	99.412
$370,000	2031	Serial	4.25%	99.865
$2.1 million	2036	Term	4.5%	98.815
$152.72 million series 2011J state property bonds
Amount	Maturity	Type	Coupon	Price
$6.545 million	2012	Serial	2%	101.597
$7.645 million	2013	Serial	5%	108.634
$10.06 million	2014	Serial	5%	112.078
$10.54 million	2015	Serial	5%	114.753
$11.075 million	2016	Serial	5%	117.457
$5.07 million	2017	Serial	5%	118.292
$5.315 million	2018	Serial	5%	119.038
$5.58 million	2019	Serial	5%	119.15
$5.87 million	2020	Serial	5%	119.279
$6.04 million	2021	Serial	5%	119.242
$3.85 million	2022	Serial	5%	119.033
$4.045 million	2023	Serial	5%	118.606
$4.245 million	2024	Serial	5%	117.658
$4.45 million	2025	Serial	5%	116.664
$4.685 million	2026	Serial	5%	115.932
$4.915 million	2027	Serial	5%	115.408
$5.165 million	2028	Serial	5%	114.88
$5.425 million	2029	Serial	5%	114.37
$5.685 million	2030	Serial	5%	113.902
$5.37 million	2031	Serial	5%	113.052
$5.64 million	2032	Serial	5%	112.109
$25.505 million	2036	Term	5%	109.025
$59.845 million series 2011K Oregon DOT property bonds
Amount	Maturity	Type	Coupon	Price
$1.485 million	2013	Serial	3%	104.796
$1.53 million	2014	Serial	3%	106.299
$1.575 million	2015	Serial	4%	110.921
$1.64 million	2016	Serial	4%	112.7
$1.705 million	2017	Serial	4%	112.681
$1.775 million	2018	Serial	4%	112.606
$1.845 million	2019	Serial	4%	111.95
$1.92 million	2020	Serial	4%	111.344
$1.995 million	2021	Serial	4%	110.613
$2.075 million	2022	Serial	4%	109.747
$2.16 million	2023	Serial	5%	118.606
$2.265 million	2024	Serial	5%	117.658
$2.38 million	2025	Serial	5%	116.664
$2.5 million	2026	Serial	5%	115.932
$2.625 million	2027	Serial	5%	115.408
$2.755 million	2028	Serial	5%	114.88
$2.89 million	2029	Serial	5%	114.37
$3.035 million	2030	Serial	5%	113.902
$3.19 million	2031	Serial	5%	113.052
$3.35 million	2032	Serial	5%	112.109
$15.15 million	2036	Term	5%	109.025
$90.555 million series 2011L refunding bonds
Amount	Maturity	Type	Coupon	Price
$6.6 million	2014	Serial	5%	112.078
$6.93 million	2015	Serial	5%	114.7534
$6.58 million	2016	Serial	5%	117.457
$6.72 million	2017	Serial	5%	118.292
$7.06 million	2018	Serial	5%	119.038
$8.33 million	2021	Serial	5%	119.242
$8.75 million	2022	Serial	5%	119.033
$9.185 million	2023	Serial	5%	118.606
$9.64 million	2024	Serial	5%	117.658
$10.13 million	2025	Serial	5%	116.664
$10.63 million	2026	Serial	5%	115.932

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