Published on 2/14/2013 in the Prospect News Municipals Daily.
New Issue: Oregon brings $211.91 million of general obligation bonds
By Sheri Kasprzak
New York, Feb. 14 - The State of Oregon brought to market $211,905,000 series 2013 general obligation bonds, according to a pricing sheet.
The offering included $22,415,000 of series 2013E tax-exempt bonds, $85,675,000 of series 2013F tax-exempt refunding bonds, $98,765,000 of series 2013G tax-exempt refunding bonds and $5.05 million of series 2013H taxable bonds.
The 2013E bonds are due 2014 to 2033 with a term bond due in 2038. The serial coupons range from 2% to 4%. The 2038 bonds have a 3.375% coupon priced at 99.575.
The 2013F bonds are due 2015 to 2032 with coupons from 4% to 5%.
The 2013G bonds are due 2016 to 2032 with 4% to 5% coupons.
The 2013H bonds are due 2014 to 2026 with coupons from 0.40% to 3.13%, all priced at par.
The bonds (Aa1/AA+/AA+) were sold through Citigroup Global Markets Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch.
Proceeds will be used to finance various capital projects and refund the state's series 2004B-C, 2005A-B, 2006A and 2007A-B certificates of participation.
| Issuer: | State of Oregon
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $211,905,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch (lead), Fidelity Capital Markets Inc., Morgan Stanley & Co. LLC, Piper Jaffray & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 21
|
|
|
| $22,415,000 series 2013E tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.57 million | 2014 | Serial | 2% | 102.182
|
| $1,735,000 | 2015 | Serial | 3% | 105.765
|
| $1.79 million | 2016 | Serial | 3% | 107.78
|
| $1,845,000 | 2017 | Serial | 3% | 109.489
|
| $1,895,000 | 2018 | Serial | 3% | 110.525
|
| $555,000 | 2019 | Serial | 3% | 110.966
|
| $575,000 | 2020 | Serial | 3% | 110.912
|
| $590,000 | 2021 | Serial | 3% | 110.629
|
| $610,000 | 2022 | Serial | 3% | 110.036
|
| $630,000 | 2023 | Serial | 3% | 109.372
|
| $540,000 | 2024 | Serial | 4% | 116.653
|
| $560,000 | 2025 | Serial | 4% | 115.269
|
| $585,000 | 2026 | Serial | 4% | 113.614
|
| $610,000 | 2027 | Serial | 4% | 112.463
|
| $630,000 | 2028 | Serial | 4% | 111.798
|
| $655,000 | 2029 | Serial | 4% | 111.231
|
| $685,000 | 2030 | Serial | 4% | 110.668
|
| $710,000 | 2031 | Serial | 3% | 99.026
|
| $730,000 | 2032 | Serial | 3% | 98.558
|
| $755,000 | 2033 | Serial | 3.1% | 99.254
|
| $4.16 million | 2038 | Term | 3.375% | 99.575
|
|
|
| $85,675,000 series 2013F tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,205,000 | 2015 | Serial | 4% | 107.948
|
| $3.22 million | 2016 | Serial | 4% | 110.942
|
| $1,915,000 | 2018 | Serial | 5% | 120.647
|
| $2.01 million | 2019 | Serial | 5% | 122.886
|
| $3.67 million | 2020 | Serial | 5% | 124.554
|
| $2,215,000 | 2021 | Serial | 5% | 125.924
|
| $2,325,000 | 2022 | Serial | 5% | 126.905
|
| $4.28 million | 2023 | Serial | 5% | 127.752
|
| $7,465,000 | 2024 | Serial | 5% | 126.276
|
| $7.83 million | 2025 | Serial | 5% | 125.338
|
| $8,235,000 | 2026 | Serial | 5% | 124.614
|
| $8.64 million | 2027 | Serial | 5% | 123.895
|
| $8,465,000 | 2028 | Serial | 5% | 123.181
|
| $8,895,000 | 2029 | Serial | 5% | 122.573
|
| $9.33 million | 2030 | Serial | 5% | 121.968
|
| $2,915,000 | 2031 | Serial | 5% | 121.667
|
| $3.06 million | 2032 | Serial | 5% | 121.168
|
|
|
| $98,765,000 series 2013G tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,855,000 | 2016 | Serial | 4% | 112.482
|
| $5,365,000 | 2017 | Serial | 4% | 114.963
|
| $2,485,000 | 2018 | Serial | 4% | 116.745
|
| $2,585,000 | 2019 | Serial | 4% | 117.746
|
| $2.69 million | 2020 | Serial | 4% | 118.261
|
| $2,805,000 | 2021 | Serial | 4% | 118.692
|
| $2.91 million | 2022 | Serial | 4% | 118.705
|
| $7,155,000 | 2023 | Serial | 5% | 128.641
|
| $7,515,000 | 2024 | Serial | 5% | 127.206
|
| $7,905,000 | 2025 | Serial | 5% | 126.332
|
| $8,315,000 | 2026 | Serial | 5% | 125.681
|
| $8.73 million | 2027 | Serial | 5% | 124.927
|
| $9.18 million | 2028 | Serial | 5% | 124.178
|
| $9,645,000 | 2029 | Serial | 5% | 123.541
|
| $10.14 million | 2030 | Serial | 5% | 122.907
|
| $4,545,000 | 2031 | Serial | 5% | 122.592
|
| $3.94 million | 2032 | Serial | 5% | 122.069
|
|
|
| $5.05 million series 2013H taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $65,000 | 2014 | Serial | 0.40% | 100
|
| $380,000 | 2015 | Serial | 0.55% | 100
|
| $385,000 | 2016 | Serial | 0.65% | 100
|
| $385,000 | 2017 | Serial | 1.21% | 100
|
| $390,000 | 2018 | Serial | 1.46% | 100
|
| $400,000 | 2019 | Serial | 1.77% | 100
|
| $405,000 | 2020 | Serial | 2.02% | 100
|
| $415,000 | 2021 | Serial | 2.28% | 100
|
| $420,000 | 2022 | Serial | 2.48% | 100
|
| $435,000 | 2023 | Serial | 2.63% | 100
|
| $445,000 | 2024 | Serial | 2.78% | 100
|
| $455,000 | 2025 | Serial | 2.98% | 100
|
| $470,000 | 2026 | Serial | 3.13% | 100
|
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