Published on 4/14/2015 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $95.89 million of community college G.O. bonds
By Sheri Kasprzak
New York, April 14 – The State of Oregon sold $95.89 million of series 2015 community college project general obligation bonds, according to a pricing sheet.
The deal includes $55,665,000 of series 2015J tax-exempt bonds, $36.58 million of series 2015K tax-exempt G.O. refunding bonds and $3,645,000 of series 2015L taxable G.O. bonds.
The 2015J bonds are due 2017 to 2039 with 5% coupons.
The 2015K bonds are due 2015 to 2037 with 2% to 4% coupons.
The 2015L bonds are due 2015 to 2017 with 0.19% to 0.7% coupons all priced at par.
The bonds (Aa1/AA+/AA+) were priced through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to make grants to nine community college districts in the state.
| Issuer: | State of Oregon
|
| Issue: | Series 2015 community college project general obligation bonds
|
| Amount: | $95.89 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), D.A. Davidson & Co., Fidelity Capital Markets Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | April 14
|
| Settlement date: | April 30
|
|
|
| $55,665,000 series 2015J tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $995,000 | 2017 | Serial | 5% | 109.735
|
| $1.4 million | 2018 | Serial | 5% | 113.044
|
| $1.47 million | 2019 | Serial | 5% | 115.888
|
| $1,545,000 | 2020 | Serial | 5% | 118.447
|
| $1,625,000 | 2021 | Serial | 5% | 120.614
|
| $1.71 million | 2022 | Serial | 5% | 122.273
|
| $1,795,000 | 2023 | Serial | 5% | 123.831
|
| $1.89 million | 2024 | Serial | 5% | 125.128
|
| $1,985,000 | 2025 | Serial | 5% | 126.201
|
| $2,085,000 | 2026 | Serial | 5% | 124.635
|
| $2,195,000 | 2027 | Serial | 5% | 123.298
|
| $2,305,000 | 2028 | Serial | 5% | 122.078
|
| $2,425,000 | 2029 | Serial | 5% | 121.474
|
| $2.55 million | 2030 | Serial | 5% | 120.773
|
| $2.68 million | 2031 | Serial | 5% | 120.177
|
| $2,815,000 | 2032 | Serial | 5% | 119.682
|
| $2.96 million | 2033 | Serial | 5% | 119.288
|
| $3,115,000 | 2034 | Serial | 5% | 118.896
|
| $3.27 million | 2035 | Serial | 5% | 118.603
|
| $3.44 million | 2036 | Serial | 5% | 118.31
|
| $3,615,000 | 2037 | Serial | 5% | 118.116
|
| $3.8 million | 2038 | Serial | 5% | 117.922
|
| $3,995,000 | 2039 | Serial | 5% | 117.728
|
|
|
| $36.58 million series 2015K tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $470,000 | 2015 | Serial | 2% | 100.426
|
| $165,000 | 2016 | Serial | 2% | 102.086
|
| $165,000 | 2017 | Serial | 2% | 103.037
|
| $800,000 | 2018 | Serial | 3% | 106.65
|
| $1.08 million | 2019 | Serial | 4% | 111.75
|
| $1,115,000 | 2020 | Serial | 2% | 103.285
|
| $1,155,000 | 2021 | Serial | 4% | 114.673
|
| $3.32 million | 2022 | Serial | 2% | 101.9
|
| $4.81 million | 2023 | Serial | 3% | 108.603
|
| $4,975,000 | 2024 | Serial | 4% | 116.723
|
| $3,615,000 | 2025 | Serial | 3% | 107.973
|
| $1,265,000 | 2026 | Serial | 4% | 115.248
|
| $1,325,000 | 2027 | Serial | 4% | 113.78
|
| $1.37 million | 2028 | Serial | 4% | 111.666
|
| $1,035,000 | 2029 | Serial | 4% | 110.158
|
| $1.08 million | 2030 | Serial | 4% | 109.042
|
| $1.12 million | 2031 | Serial | 4% | 108.032
|
| $1,155,000 | 2032 | Serial | 4% | 107.576
|
| $1.21 million | 2033 | Serial | 4% | 107.213
|
| $1.26 million | 2034 | Serial | 4% | 106.851
|
| $1,305,000 | 2035 | Serial | 4% | 106.581
|
| $1,365,000 | 2036 | Serial | 4% | 106.311
|
| $1.42 million | 2037 | Serial | 3.375% | 98.685
|
|
|
| $3,645,000 series 2015L taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,995,000 | 2015 | Serial | 0.19% | 100
|
| $1.31 million | 2016 | Serial | 0.44% | 100
|
| $340,000 | 2017 | Serial | 0.70% | 100
|
|
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