Published on 10/29/2013 in the Prospect News Municipals Daily.
New Issue: Oregon sells $75.05 million general obligation bonds through JPMorgan
By Sheri Kasprzak
New York, Oct. 29 - The State of Oregon priced $75.05 million of series 2013 general obligation bonds, according to a pricing sheet.
The bonds (Aa1/AA+/AA+) were sold through senior managers J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc.
The offering included $71.02 million of series 2013L tax-exempt bonds and $4.03 million of series 2013M taxable bonds.
The 2013L bonds are due 2014 to 2033 with a term bond due in 2038. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 107.47.
The 2013M bonds are due 2014 to 2017 with 0.35% to 1.45% coupons, all priced at par.
Proceeds will be used to replace the Oregon Health Authority's Junction City Hospital, finance military department projects, finance the Department of Revenue's Core System, finance capitol master plan projects and finance the Department of Veterans' Affairs Linn County Veterans' Home.
| Issuer: | State of Oregon
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $75.05 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. (lead), Fidelity Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 13
|
|
|
| $71.02 million series 2013L tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $250,000 | 2014 | Serial | 2% | 101.756
|
| $1.75 million | 2015 | Serial | 3% | 105.229
|
| $1.05 million | 2015 | Serial | 5% | 109.146
|
| $2.89 million | 2016 | Serial | 3% | 107.199
|
| $1.35 million | 2017 | Serial | 3% | 108.327
|
| $1,945,000 | 2017 | Serial | 5% | 116.11
|
| $1,465,000 | 2018 | Serial | 3% | 108.855
|
| $3 million | 2018 | Serial | 5% | 118.48
|
| $1.3 million | 2019 | Serial | 3% | 108.173
|
| $2.42 million | 2019 | Serial | 5% | 119.525
|
| $450,000 | 2020 | Serial | 4% | 113.572
|
| $3.44 million | 2020 | Serial | 5% | 120.066
|
| $1,795,000 | 2021 | Serial | 5% | 119.953
|
| $1,875,000 | 2022 | Serial | 4% | 112.323
|
| $1.96 million | 2023 | Serial | 5% | 120.659
|
| $2,025,000 | 2024 | Serial | 5% | 118.92
|
| $2,125,000 | 2025 | Serial | 5% | 117.4
|
| $2,235,000 | 2026 | Serial | 5% | 115.903
|
| $2.35 million | 2027 | Serial | 5% | 114.612
|
| $2.47 million | 2028 | Serial | 5% | 113.428
|
| $2.6 million | 2029 | Serial | 5% | 112.438
|
| $2.73 million | 2030 | Serial | 5% | 111.37
|
| $2,875,000 | 2031 | Serial | 5% | 110.664
|
| $3,015,000 | 2032 | Serial | 5% | 109.964
|
| $3,175,000 | 2033 | Serial | 5% | 109.443
|
| $18.48 million | 2038 | Term | 5% | 107.47
|
|
|
| $4.03 million series 2013M taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $450,000 | 2014 | Serial | 0.35% | 100
|
| $1.28 million | 2015 | Serial | 0.50% | 100
|
| $1.29 million | 2016 | Serial | 0.85% | 100
|
| $1.01 million | 2017 | Serial | 1.45% | 100
|
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