Published on 4/9/2013 in the Prospect News Municipals Daily.
New Issue: Oregon prices $221.72 million of lottery revenue bonds
By Sheri Kasprzak
New York, April 9 - The State of Oregon sold $221,715,000 of series 2013 Department of Administrative Services lottery revenue bonds, according to an official statement.
The deal included $122.5 million of series 2013A tax-exempt bonds, $28.14 million of series 2013B taxable bonds and $71,075,000 of series 2013C taxable refunding bonds.
The 2013A bonds are due 2020 to 2033 with 3% to 5% coupons. The 2013B bonds are due 2014 to 2020 with 0.35% to 1.89% coupons, all priced at par. The 2013C bonds are due 2014 to 2025 with coupons from 0.24% to 2.90%, all priced at par.
The bonds (Aa2/AAA/) were sold through Citigroup Global Markets Inc. and Goldman, Sachs & Co.
Proceeds will be used to refund the state's series 2001B, 2002B, 2003A-B, 2004A, 2005B-C, 2006A, 2007A and 2007C bonds.
| Issuer: | State of Oregon
|
| Issue: | Series 2013 Department of Administrative Services lottery revenue bonds
|
| Amount: | $227,715,000
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc. and Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Piper Jaffray & Co. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's AAA
|
| Pricing date: | April 3
|
| Settlement date: | April 16
|
|
|
| $122.5 million series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $435,000 | 2020 | Serial | 3% | 1.42%
|
| $1,555,000 | 2020 | Serial | 5% | 1.42%
|
| $1.47 million | 2021 | Serial | 4% | 1.67%
|
| $5.38 million | 2021 | Serial | 5% | 1.67%
|
| $825,000 | 2022 | Serial | 4% | 1.88%
|
| $6,355,000 | 2022 | Serial | 5% | 1.88%
|
| $7.53 million | 2023 | Serial | 5% | 2.09%
|
| $7,905,000 | 2024 | Serial | 5% | 2.24%
|
| $8.3 million | 2025 | Serial | 5% | 2.41%
|
| $8,715,000 | 2026 | Serial | 5% | 2.56%
|
| $9.15 million | 2027 | Serial | 5% | 2.69%
|
| $435,000 | 2028 | Serial | 3.125% | 3.125%
|
| $9,175,000 | 2028 | Serial | 5% | 2.78%
|
| $10.08 million | 2029 | Serial | 4% | 3.04%
|
| $10,485,000 | 2030 | Serial | 5% | 2.92%
|
| $11.01 million | 2031 | Serial | 5% | 2.97%
|
| $11.56 million | 2032 | Serial | 5% | 3.02%
|
| $6.59 million | 2033 | Serial | 3.5% | 3.5%
|
| $5,545,000 | 2033 | Serial | 5% | 3.06%
|
|
|
| $28.14 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $755,000 | 2014 | Serial | 0.35% | 100
|
| $755,000 | 2015 | Serial | 0.48% | 100
|
| $2.5 million | 2016 | Serial | 0.782% | 100
|
| $6.41 million | 2017 | Serial | 1.073% | 100
|
| $6,475,000 | 2018 | Serial | 1.353% | 100
|
| $6,565,000 | 2019 | Serial | 1.64% | 100
|
| $4.68 million | 2020 | Serial | 1.89% | 100
|
|
|
| $71,075,000 series 2013C taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,615,000 | 2014 | Serial | 0.24% | 100
|
| $17.12 million | 2015 | Serial | 0.48% | 100
|
| $13.65 million | 2016 | Serial | 0.782% | 100
|
| $10,055,000 | 2017 | Serial | 1.073% | 100
|
| $10,165,000 | 2018 | Serial | 1.353% | 100
|
| $1,805,000 | 2019 | Serial | 1.64% | 100
|
| $1.84 million | 2020 | Serial | 1.89% | 100
|
| $1,875,000 | 2021 | Serial | 2.10% | 100
|
| $1,915,000 | 2022 | Serial | 2.40% | 100
|
| $1.96 million | 2023 | Serial | 2.60% | 100
|
| $2.01 million | 2024 | Serial | 2.75% | 100
|
| $2,065,000 | 2025 | Serial | 2.90% | 100
|
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