Published on 5/22/2014 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $68.44 million of higher education G.O. bonds
By Sheri Kasprzak
New York, May 22 - The State of Oregon priced $68.44 million of series 2014 higher education general obligation bonds, said a pricing sheet.
The deal included $63.89 million of series 2014C tax-exempt bonds and $4.55 million of series 2014D taxable bonds.
The 2014C bonds are due 2015 to 2039 with a term bond due in 2043. The serial coupons range from 2% to 5% with 0.14% to 3.33% yields. The 2043 bonds have a 5% coupon priced at 113.737 to yield 3.39%.
The 2014D bonds are due 2015 to 2033 with coupons from 0.22% to 4.24% all priced at par.
The bonds (/AA+/) were sold through senior managers BofA Merrill Lynch and Citigroup Global Markets Inc.
Proceeds will be used to finance a variety of capital projects for the Oregon University System.
| Issuer: | State of Oregon
|
| Issue: | Series 2014 higher education general obligation bonds
|
| Amount: | $68.44 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Citigroup Global Markets Inc. (lead), Fidelity Capital Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC (co-managers)
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | May 22
|
| Settlement date: | June 30
|
|
|
| $63.89 million series 2014C tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.35 million | 2015 | Serial | 4% | 104.476 | 0.14%
|
| $1,295,000 | 2016 | Serial | 3% | 105.789 | 0.31%
|
| $1,335,000 | 2017 | Serial | 4% | 110.63 | 0.6%
|
| $1,405,000 | 2018 | Serial | 5% | 116.706 | 0.9%
|
| $1.45 million | 2019 | Serial | 2% | 103.991 | 1.2%
|
| $1.5 million | 2020 | Serial | 5% | 120.587 | 1.49%
|
| $1,565,000 | 2021 | Serial | 4% | 115.007 | 1.76%
|
| $1,625,000 | 2022 | Serial | 3% | 107.65 | 1.98%
|
| $1,685,000 | 2023 | Serial | 4% | 115.037 | 2.18%
|
| $1.75 million | 2024 | Serial | 5% | 124.337 | 2.3%
|
| $1,835,000 | 2025 | Serial | 5% | 123.216 | 2.41%
|
| $1.93 million | 2026 | Serial | 5% | 122.006 | 2.53%
|
| $2,045,000 | 2027 | Serial | 5% | 121.108 | 2.62%
|
| $2,275,000 | 2028 | Serial | 5% | 120.217 | 2.71%
|
| $2,395,000 | 2029 | Serial | 5% | 119.335 | 2.8%
|
| $2,525,000 | 2030 | Serial | 5% | 118.557 | 2.88%
|
| $2,645,000 | 2031 | Serial | 5% | 117.881 | 2.95%
|
| $2.79 million | 2032 | Serial | 5% | 117.21 | 3.02%
|
| $2,935,000 | 2033 | Serial | 5% | 116.543 | 3.09%
|
| $2,095,000 | 2034 | Serial | 5% | 115.975 | 3.15%
|
| $2.21 million | 2035 | Serial | 5% | 115.505 | 3.2%
|
| $2.32 million | 2036 | Serial | 5% | 115.13 | 3.24%
|
| $2.44 million | 2037 | Serial | 5% | 114.756 | 3.28%
|
| $2,565,000 | 2038 | Serial | 5% | 114.477 | 3.31%
|
| $2,695,000 | 2039 | Serial | 5% | 114.292 | 3.33%
|
| $12.23 million | 2043 | Term | 5% | 113.737 | 3.39%
|
|
|
| $4.55 million series 2014D taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $230,000 | 2015 | Serial | 0.22% | 100
|
| $230,000 | 2016 | Serial | 0.63% | 100
|
| $235,000 | 2017 | Serial | 1.2% | 100
|
| $240,000 | 2018 | Serial | 1.73% | 100
|
| $240,000 | 2019 | Serial | 2.03% | 100
|
| $255,000 | 2020 | Serial | 2.32% | 100
|
| $255,000 | 2021 | Serial | 2.67% | 100
|
| $265,000 | 2022 | Serial | 2.89% | 100
|
| $270,000 | 2023 | Serial | 3.14% | 100
|
| $280,000 | 2024 | Serial | 3.34% | 100
|
| $285,000 | 2025 | Serial | 3.54% | 100
|
| $300,000 | 2026 | Serial | 3.64% | 100
|
| $290,000 | 2027 | Serial | 3.74% | 100
|
| $175,000 | 2028 | Serial | 3.84% | 100
|
| $180,000 | 2029 | Serial | 3.94% | 100
|
| $195,000 | 2030 | Serial | 4.04% | 100
|
| $200,000 | 2031 | Serial | 4.14% | 100
|
| $205,000 | 2032 | Serial | 4.19% | 100
|
| $220,000 | 2033 | Serial | 4.24% | 100
|
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