Published on 3/22/2012 in the Prospect News Municipals Daily.
New Issue: Oregon prices $266.82 million of G.O. bonds
By Sheri Kasprzak
New York, March 22 - The State of Oregon sold $266.82 million of series 2012 general obligation bonds in six tranches, according to a pricing sheet.
The bonds (Aa1/AA+/AA+) were sold through senior managers Citigroup Global Markets Inc. and Bank of America Merrill Lynch. 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.
The deal included $44.76 million of series 2012H various purpose G.O. bonds, $54,445,000 of series 2012I Oregon Department of Transportation bonds, $12.54 million of series 2012J taxable Oregon DOT bonds, $18.33 million of series 2012K tax-exempt refunding bonds, $129.31 million of series 2012L tax-exempt refunding bonds and $7,435,000 of series 2012M taxable refunding bonds.
The 2012H bonds are due 2013 to 2032 with a term bond due in 2036. The serial coupons range from 3% to 5%. The 2036 bonds have a 5% coupon priced at 111.829.
The 2012I bonds are due 2014 to 2032 with a term bond due in 2037. The serial coupons range from 3% to 5%. The 2037 bonds have a 5% coupon priced at 111.292.
The 2012J bonds are due 2013 to 2014 with 0.38% to 0.57% coupon priced at par.
The 2012K bonds are due 2013 to 2023 with 2% to 5% coupons.
The 2012L bonds are due 2012 to 2022 with 1% to 5% coupons.
The 2012M bonds are due 2012 to 2014 with 0.28% to 0.65% coupons, all priced at par.
Proceeds from the deal will be used to prepay the state's series 2002B, 2002C, 2002E, 2003A, 2004B, 2005A-B and 2006A certificates of participation.
| Issuer: | State of Oregon
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $266.82 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Bank of America Merrill Lynch (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: | March 22
|
| Settlement date: | April 4
|
|
|
| $44.76 million series 2012H various purpose bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $300,000 | 2013 | Serial | 3% | 102.917
|
| $3.5 million | 2013 | Serial | 5% | 105.062
|
| $400,000 | 2014 | Serial | 3% | 105.239
|
| $4,595,000 | 2014 | Serial | 5% | 109.364
|
| $450,000 | 2015 | Serial | 3% | 107.016
|
| $4.79 million | 2015 | Serial | 5% | 113.09
|
| $1.2 million | 2016 | Serial | 4% | 111.906
|
| $4,295,000 | 2016 | Serial | 5% | 115.889
|
| $205,000 | 2017 | Serial | 4% | 113.533
|
| $5,565,000 | 2017 | Serial | 5% | 118.437
|
| $735,000 | 2018 | Serial | 3% | 108.013
|
| $410,000 | 2018 | Serial | 4% | 113.778
|
| $205,000 | 2019 | Serial | 4% | 113.91
|
| $870,000 | 2019 | Serial | 5% | 120.503
|
| $175,000 | 2020 | Serial | 4% | 113.566
|
| $955,000 | 2020 | Serial | 5% | 120.939
|
| $300,000 | 2021 | Serial | 4% | 113.566
|
| $880,000 | 2021 | Serial | 5% | 120.996
|
| $1.24 million | 2022 | Serial | 4% | 112.526
|
| $720,000 | 2023 | Serial | 5% | 119.874
|
| $760,000 | 2024 | Serial | 5% | 118.904
|
| $795,000 | 2025 | Serial | 4% | 107.825
|
| $830,000 | 2026 | Serial | 4% | 106.752
|
| $860,000 | 2027 | Serial | 4% | 106.044
|
| $895,000 | 2028 | Serial | 4% | 105.429
|
| $930,000 | 2029 | Serial | 5% | 115.116
|
| $975,000 | 2030 | Serial | 5% | 114.652
|
| $1,025,000 | 2031 | Serial | 5% | 114.191
|
| $1,075,000 | 2032 | Serial | 4% | 103.609
|
| $4,825,000 | 2036 | Term | 5% | 111.829
|
|
|
| $54,445,000 series 2012I Oregon Department of Transportation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $815,000 | 2014 | Serial | 5% | 109.364
|
| $6,865,000 | 2015 | Serial | 5% | 113.09
|
| $7,205,000 | 2016 | Serial | 5% | 115.889
|
| $7,565,000 | 2017 | Serial | 5% | 118.437
|
| $7,945,000 | 2018 | Serial | 5% | 119.543
|
| $4.77 million | 2019 | Serial | 5% | 120.503
|
| $340,000 | 2020 | Serial | 3% | 106.192
|
| $4.67 million | 2020 | Serial | 5% | 120.939
|
| $695,000 | 2021 | Serial | 5% | 120.996
|
| $730,000 | 2022 | Serial | 5% | 121.347
|
| $765,000 | 2023 | Serial | 5% | 119.874
|
| $800,000 | 2024 | Serial | 3% | 99.596
|
| $825,000 | 2025 | Serial | 3% | 98.085
|
| $850,000 | 2026 | Serial | 3.1% | 97.982
|
| $870,000 | 2027 | Serial | 3.25% | 98.705
|
| $735,000 | 2028 | Serial | 3.3% | 98.402
|
| $760,000 | 2029 | Serial | 3.375% | 98.654
|
| $785,000 | 2030 | Serial | 3.375% | 97.939
|
| $810,000 | 2031 | Serial | 3.5% | 98.899
|
| $840,000 | 2032 | Serial | 3.5% | 98.016
|
| $4,805,000 | 2037 | Term | 5% | 111.292
|
|
|
| $12.54 million series 2012J Oregon Department of Transportation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,565,000 | 2013 | Serial | 0.38% | 100
|
| $5,975,000 | 2014 | Serial | 0.57% | 100
|
|
|
| $18.33 million series 2012K tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $535,000 | 2013 | Serial | 2% | 101.844
|
| $545,000 | 2014 | Serial | 3% | 105.239
|
| $565,000 | 2015 | Serial | 5% | 113.09
|
| $585,000 | 2016 | Serial | 5% | 115.889
|
| $2.85 million | 2017 | Serial | 5% | 118.437
|
| $2.35 million | 2018 | Serial | 5% | 119.543
|
| $2.46 million | 2019 | Serial | 5% | 120.503
|
| $2,585,000 | 2020 | Serial | 5% | 120.939
|
| $2,855,000 | 2022 | Serial | 5% | 121.347
|
| $3 million | 2023 | Serial | 5% | 119.874
|
|
|
| $129.31 million series 2012L tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.59 million | 2012 | Serial | 1% | 100.482
|
| $8.3 million | 2013 | Serial | 5% | 107.296
|
| $8.71 million | 2014 | Serial | 5% | 111.416
|
| $9.86 million | 2015 | Serial | 5% | 114.925
|
| $9,595,000 | 2016 | Serial | 5% | 117.549
|
| $10.06 million | 2017 | Serial | 5% | 119.775
|
| $21.91 million | 2018 | Serial | 5% | 120.721
|
| $23,005,000 | 2019 | Serial | 5% | 121.458
|
| $15,255,000 | 2020 | Serial | 5% | 121.683
|
| $3.91 million | 2021 | Serial | 5% | 121.739
|
| $4,115,000 | 2022 | Serial | 5% | 121.959
|
|
|
| $7,435,000 series 2012M taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $230,000 | 2012 | Serial | 0.28% | 100
|
| $3,595,000 | 2013 | Serial | 0.48% | 100
|
| $3.61 million | 2014 | Serial | 0.65% | 100
|
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