Published on 4/23/2014 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $55.18 million general obligation bond offering
By Sheri Kasprzak
New York, April 23 - The State of Oregon sold $55,175,000 of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $50.13 million of series 2014A tax-exempt bonds and $5,045,000 of series 2014B taxable bonds.
The 2014A bonds are due 2015 to 2039 with 1% to 5% coupons and 0.14% to 3.55% yields. The 2014B bonds are due 2015 to 2024 with 0.21% to 3.42% coupons, all priced at par.
The bonds (Aa1/AA+/AA+) were sold through senior managers BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Proceeds will be used to finance capital projects and prepay certificates of participation.
| Issuer: | State of Oregon
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $55,175,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Fidelity Capital Markets Inc., 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: | April 23
|
| Settlement date: | May 7
|
|
|
| $50.13 million series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.15 million | 2015 | Serial | 1% | 100.844 | 0.14%
|
| $4.37 million | 2016 | Serial | 4% | 107.207 | 0.35%
|
| $3,965,000 | 2017 | Serial | 3% | 107.024 | 0.62%
|
| $4,075,000 | 2018 | Serial | 4% | 112.019 | 0.92%
|
| $4,245,000 | 2019 | Serial | 5% | 118.381 | 1.19%
|
| $2,855,000 | 2020 | Serial | 2% | 102.735 | 1.52%
|
| $2,905,000 | 2021 | Serial | 5% | 120.619 | 1.84%
|
| $1.22 million | 2022 | Serial | 4% | 114.292 | 2.05%
|
| $1,265,000 | 2023 | Serial | 3% | 106.069 | 2.25%
|
| $1,305,000 | 2024 | Serial | 4% | 114.319 | 2.38%
|
| $1,055,000 | 2025 | Serial | 5% | 121.768 | 2.52%
|
| $1.11 million | 2026 | Serial | 5% | 120.495 | 2.65%
|
| $1.16 million | 2027 | Serial | 5% | 119.333 | 2.77%
|
| $1,225,000 | 2028 | Serial | 5% | 118.279 | 2.88%
|
| $1.28 million | 2029 | Serial | 5% | 117.426 | 2.97%
|
| $1.35 million | 2030 | Serial | 5% | 116.673 | 3.05%
|
| $1,415,000 | 2031 | Serial | 5% | 115.926 | 3.13%
|
| $1,485,000 | 2032 | Serial | 5% | 115.093 | 3.22%
|
| $1.56 million | 2033 | Serial | 5% | 114.45 | 3.29%
|
| $1,635,000 | 2034 | Serial | 5% | 113.902 | 3.35%
|
| $1.72 million | 2035 | Serial | 5% | 113.629 | 3.38%
|
| $1,805,000 | 2036 | Serial | 5% | 113.176 | 3.43%
|
| $1,895,000 | 2037 | Serial | 5% | 112.726 | 3.48%
|
| $1.99 million | 2038 | Serial | 5% | 112.367 | 3.52%
|
| $2.09 million | 2039 | Serial | 5% | 112.098 | 3.55%
|
|
|
| $5,045,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $465,000 | 2015 | Serial | 0.21% | 100
|
| $475,000 | 2016 | Serial | 0.55% | 100
|
| $475,000 | 2017 | Serial | 1.13% | 100
|
| $485,000 | 2018 | Serial | 1.88% | 10
|
| $490,000 | 2019 | Serial | 2.18% | 100
|
| $500,000 | 2020 | Serial | 2.5% | 100
|
| $515,000 | 2021 | Serial | 2.8% | 100
|
| $530,000 | 2022 | Serial | 2.97% | 100
|
| $545,000 | 2023 | Serial | 3.22% | 100
|
| $565,000 | 2024 | Serial | 3.42% | 100
|
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