Published on 3/18/2015 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $258.58 million of general obligation bonds
By Sheri Kasprzak
New York, March 18 – The State of Oregon sold $258.58 million of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $171,595,000 of series 2015F tax-exempt bonds, $5 million of series 2015G taxable bonds, $72.86 million of series 2015H tax-exempt refunding bonds and $9,125,000 of series 2015I tax-exempt refunding bonds.
The 2015F bonds are due 2016 to 2035 with a term bond due in 2039. The serial coupons range from 2% to 5% with 0.193% to 2.94% yields. The 2039 bonds have a 5% coupon priced at 117.098 to yield 3.02%.
The 2015G bonds are due 2016 to 2025 with 0.50% to 2.95% coupons all priced at par.
The 2015H bonds are due 2020 to 2027 with coupons from 4% to 5% and yields from 1.45% to 2.46%.
The 2015I bonds are due 2020 to 2027 with 3% to 5% coupons and 1.56% to 2.51% yields.
The bonds (Aa1/AA+/AA+) were sold through senior managers Citigroup Global Markets Inc., BofA Merrill Lynch and J.P. Morgan Securities LLC.
Proceeds will be used to finance capital projects for state university, legislative, administrative and defense projects.
| Issuer: | State of Oregon
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $258.58 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., BofA Merrill Lynch 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+
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| Pricing date: | March 18
|
| Settlement date: | March 31
|
|
|
| $171,595,000 series 2015F tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,805,000 | 2016 | Serial | 2% | 101.954 | 0.193%
|
| $8.66 million | 2017 | Serial | 5% | 109.095 | 0.60%
|
| $9.08 million | 2018 | Serial | 5% | 112.179 | 0.98%
|
| $9.53 million | 2019 | Serial | 5% | 114.795 | 1.27%
|
| $9,995,000 | 2020 | Serial | 5% | 117.335 | 1.45%
|
| $7,205,000 | 2021 | Serial | 5% | 119.44 | 1.63%
|
| $6.82 million | 2022 | Serial | 5% | 120.559 | 1.88%
|
| $7,165,000 | 2023 | Serial | 5% | 122.203 | 2.01%
|
| $7,515,000 | 2024 | Serial | 5% | 123.215 | 2.17%
|
| $8,435,000 | 2025 | Serial | 5% | 124.683 | 2.25%
|
| $6,315,000 | 2026 | Serial | 5% | 123.665 | 2.35%
|
| $6.64 million | 2027 | Serial | 5% | 122.558 | 2.46%
|
| $6.95 million | 2028 | Serial | 5% | 121.165 | 2.60%
|
| $7.3 million | 2029 | Serial | 5% | 120.378 | 2.68%
|
| $7.67 million | 2030 | Serial | 5% | 119.791 | 2.74%
|
| $6,775,000 | 2031 | Serial | 5% | 119.402 | 2.78%
|
| $7.11 million | 2032 | Serial | 5% | 119.014 | 2.82%
|
| $7,465,000 | 2033 | Serial | 5% | 118.628 | 2.86%
|
| $7.84 million | 2034 | Serial | 5% | 118.243 | 2.90%
|
| $8,225,000 | 2035 | Serial | 5% | 117.86 | 2.94%
|
| $17,095,000 | 2039 | Term | 5% | 117.098 | 3.02%
|
|
|
| $5 million series 2015G taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $460,000 | 2016 | Serial | 0.50% | 100
|
| $525,000 | 2017 | Serial | 0.85% | 100
|
| $530,000 | 2018 | Serial | 1.40% | 100
|
| $540,000 | 2019 | Serial | 1.85% | 100
|
| $550,000 | 2020 | Serial | 2.10% | 100
|
| $560,000 | 2021 | Serial | 2.30% | 100
|
| $570,000 | 2022 | Serial | 2.50% | 100
|
| $585,000 | 2023 | Serial | 2.70% | 100
|
| $605,000 | 2024 | Serial | 2.85% | 100
|
| $75,000 | 2025 | Serial | 2.95% | 100
|
|
|
| $72.86 million series 2015H tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $955,000 | 2020 | Serial | 5% | 117.335 | 1.45%
|
| $3.35 million | 2021 | Serial | 4% | 113.671 | 1.63%
|
| $7,885,000 | 2021 | Serial | 5% | 119.44 | 1.63%
|
| $3,495,000 | 2022 | Serial | 4% | 113.997 | 1.88%
|
| $8.27 million | 2022 | Serial | 5% | 120.599 | 1.88%
|
| $3,625,000 | 2023 | Serial | 4% | 114.777 | 2.01%
|
| $9,855,000 | 2023 | Serial | 5% | 122.203 | 2.01%
|
| $11.91 million | 2024 | Serial | 5% | 123.215 | 2.17%
|
| $7,465,000 | 2025 | Serial | 5% | 124.683 | 2.25%
|
| $7,825,000 | 2026 | Serial | 5% | 123.665 | 2.35%
|
| $8,225,000 | 2027 | Serial | 5% | 122.558 | 2.46%
|
|
|
| $9,125,000 series 2015I tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.25 million | 2020 | Serial | 3% | 107.67 | 1.56%
|
| $680,000 | 2020 | Serial | 4% | 112.997 | 1.56%
|
| $350,000 | 2021 | Serial | 3% | 107.61 | 1.77%
|
| $1.64 million | 2021 | Serial | 4% | 113.799 | 1.77%
|
| $390,000 | 2022 | Serial | 3% | 107.221 | 1.97%
|
| $1,685,000 | 2022 | Serial | 4% | 114.233 | 1.97%
|
| $565,000 | 2023 | Serial | 5% | 122.755 | 2.09%
|
| $595,000 | 2024 | Serial | 5% | 123.975 | 2.21%
|
| $620,000 | 2025 | Serial | 5% | 124.071 | 2.31%
|
| $660,000 | 2026 | Serial | 5% | 123.261 | 2.39%
|
| $690,000 | 2027 | Serial | 5% | 122.058 | 2.51%
|
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