Published on 4/11/2012 in the Prospect News Municipals Daily.
New Issue: Oregon prices $75.14 million of tax-exempt, taxable state lottery bonds
By Sheri Kasprzak
New York, April 11 - The State of Oregon brought to market $75.14 million of series 2012 Department of Administrative Services Oregon State Lottery revenue bonds, said a pricing sheet.
The offering included $18,855,000 of series 2012A tax-exempt bonds, $53,535,000 of series 2012B tax-exempt refunding bonds and $2.75 million of series 2012C taxable bonds.
The 2012A bonds are due 2018 to 2032 with 4% to 5% coupons. The 2012B bonds are due 2013 to 2025 with 2% to 5% coupons. The 2012C bonds are due 2013 and 2016 to 2018 with coupons from 0.30% to 1.45%, all priced at par.
The bonds (Aa2/AAA/) were sold through Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC. The co-managers were Bank of America 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 finance capital projects and refund existing debt.
| Issuer: | State of Oregon
|
| Issue: | Series 2012 Department of Administrative Services Oregon State Lottery revenue bonds
|
| Amount: | $75.14 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Pricing date: | April 10
|
| Settlement date: | May 1
|
|
|
| $18,855,000 series 2012A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $475,000 | 2018 | Serial | 5% | 120.87
|
| $945,000 | 2019 | Serial | 4% | 115.761
|
| $985,000 | 2020 | Serial | 5% | 123.308
|
| $1,035,000 | 2021 | Serial | 5% | 123.783
|
| $1,085,000 | 2022 | Serial | 5% | 124.154
|
| $1.14 million | 2023 | Serial | 5% | 122.558
|
| $1,195,000 | 2024 | Serial | 5% | 121.182
|
| $1,255,000 | 2025 | Serial | 5% | 119.824
|
| $1.32 million | 2026 | Serial | 5% | 118.579
|
| $1,385,000 | 2027 | Serial | 5% | 117.82
|
| $1,455,000 | 2028 | Serial | 5% | 117.068
|
| $1,525,000 | 2029 | Serial | 5% | 116.414
|
| $1,605,000 | 2030 | Serial | 5% | 115.857
|
| $1,685,000 | 2031 | Serial | 5% | 115.303
|
| $1,765,000 | 2032 | Serial | 5% | 114.752
|
|
|
| $53,535,000 series 2012B tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $520,000 | 2013 | Serial | 2% | 101.63
|
| $290,000 | 2014 | Serial | 4% | 106.926
|
| $8.94 million | 2015 | Serial | 4% | 109.84
|
| $3.93 million | 2016 | Serial | 4% | 112.035
|
| $5,365,000 | 2016 | Serial | 5% | 115.893
|
| $4,085,000 | 2017 | Serial | 4% | 113.939
|
| $5.63 million | 2017 | Serial | 5% | 118.729
|
| $4,245,000 | 2018 | Serial | 3% | 109.496
|
| $5.92 million | 2018 | Serial | 5% | 119.233
|
| $1,395,000 | 2019 | Serial | 4% | 115.761
|
| $3.54 million | 2019 | Serial | 5% | 120.552
|
| $1.45 million | 2020 | Serial | 4% | 114.052
|
| $1,505,000 | 2021 | Serial | 4% | 113.916
|
| $1.57 million | 2022 | Serial | 4% | 113.78
|
| $1,635,000 | 2023 | Serial | 5% | 122.558
|
| $1,715,000 | 2024 | Serial | 5% | 121.182
|
| $1.8 million | 2025 | Serial | 5% | 119.824
|
|
|
| $2.75 million series 2012C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $500,000 | 2013 | Serial | 0.30% | 100
|
| $900,000 | 2016 | Serial | 0.875% | 100
|
| $905,000 | 2017 | Serial | 1.25% | 100
|
| $445,000 | 2018 | Serial | 1.45% | 100
|
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