Published on 6/3/2015 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $109.9 million of higher education G.O. bonds
By Sheri Kasprzak
New York, June 3 – The State of Oregon sold $109,899,000 of series 2015 higher education general obligation bonds, according to a pricing sheet.
The deal includes $11.08 million of series 2015M tax-exempt bonds, $2 million of series 2015N bonds and $96,819,000 of series 2015O tax-exempt bonds.
The 2015M bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5% coupons. The 2040 bonds have a 5% coupon priced at 113.874 and the 2045 bonds have a 5% coupon priced at 113.232.
The 2015N bonds are due 2016 to 2025 with coupons from 0.50% to 3.279% all priced at par.
The 2015O bonds are due 2016 to 2037 with a term bond due in 2040. The serial bonds have 5% coupons. The 2040 bonds have a 5% coupon priced at 113.874.
The bonds (Aa1/AA+/AA+) were sold through Citigroup Global Markets Inc. and BofA Merrill Lynch.
Proceeds will be used to finance capital improvements at statewide higher educational facilities.
| Issuer: | State of Oregon
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| Issue: | Series 2015 higher education general obligation bonds
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| Amount: | $109,899,000
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. and BofA Merrill Lynch (lead), D.A. Davidson & Co., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AA+
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| Fitch: AA+
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| Pricing date: | June 3
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| Settlement date: | June 18
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| $11.08 million series 2015M tax-exempt bonds
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| Amount | Maturity | Type | Coupon | Price
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| $100,000 | 2016 | Serial | 2% | 101.796
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| $105,000 | 2017 | Serial | 3% | 104.679
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| $200,000 | 2018 | Serial | 3% | 105.652
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| $210,000 | 2019 | Serial | 3% | 106.589
|
| $215,000 | 2020 | Serial | 3% | 106.956
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| $230,000 | 2021 | Serial | 3% | 106.623
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| $240,000 | 2022 | Serial | 3% | 106.467
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| $255,000 | 2023 | Serial | 4% | 113.554
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| $265,000 | 2024 | Serial | 4% | 113.559
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| $280,000 | 2025 | Serial | 4% | 113.623
|
| $295,000 | 2026 | Serial | 5% | 121.032
|
| $310,000 | 2027 | Serial | 5% | 119.95
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| $325,000 | 2028 | Serial | 5% | 118.975
|
| $340,000 | 2029 | Serial | 3% | 98.299
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| $360,000 | 2030 | Serial | 3% | 96.449
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| $375,000 | 2031 | Serial | 3.125% | 96.607
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| $395,000 | 2032 | Serial | 3.25% | 96.798
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| $415,000 | 2033 | Serial | 3.375% | 97.021
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| $440,000 | 2034 | Serial | 3.5% | 97.946
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| $460,000 | 2035 | Serial | 3.5% | 97.454
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| $2.66 million | 2040 | Term | 5% | 113.874
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| $3,415,000 | 2045 | Term | 5% | 113.232
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| $2 million series 2015N taxable bonds
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| Amount | Maturity | Type | Coupon | Price
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| $185,000 | 2016 | Serial | 0.50% | 100
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| $185,000 | 2017 | Serial | 0.80% | 100
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| $185,000 | 2018 | Serial | 1.45% | 100
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| $190,000 | 2019 | Serial | 1.99% | 100
|
| $195,000 | 2020 | Serial | 2.29% | 100
|
| $200,000 | 2021 | Serial | 2.664% | 100
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| $205,000 | 2022 | Serial | 2.814% | 100
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| $210,000 | 2023 | Serial | 2.979% | 100
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| $220,000 | 2024 | Serial | 3.129% | 100
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| $225,000 | 2025 | Serial | 3.279% | 100
|
|
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| $96,819,000 series 2015O bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $2,835,000 | 2016 | Serial | 5% | 105.318
|
| $2.93 million | 2017 | Serial | 5% | 108.875
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| $3,035,000 | 2018 | Serial | 5% | 111.763
|
| $3.16 million | 2019 | Serial | 5% | 114.576
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| $3,305,000 | 2020 | Serial | 5% | 116.754
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| $3,465,000 | 2021 | Serial | 5% | 118.144
|
| $3.65 million | 2022 | Serial | 5% | 119.666
|
| $3.84 million | 2023 | Serial | 5% | 120.961
|
| $4.03 million | 2024 | Serial | 5% | 121.728
|
| $4.24 million | 2025 | Serial | 5% | 122.528
|
| $4,295,000 | 2026 | Serial | 5% | 121.032
|
| $4.51 million | 2027 | Serial | 5% | 111.95
|
| $4,755,000 | 2028 | Serial | 5% | 118.975
|
| $499,000 | 2029 | Serial | 5% | 118.299
|
| $5,255,000 | 2030 | Serial | 5% | 117.531
|
| $4,285,000 | 2031 | Serial | 5% | 116.96
|
| $4,505,000 | 2032 | Serial | 5% | 116.486
|
| $4.73 million | 2033 | Serial | 5% | 116.108
|
| $4,975,000 | 2034 | Serial | 5% | 115.732
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| $5,235,000 | 2035 | Serial | 5% | 115.358
|
| $3.48 million | 2036 | Serial | 5% | 114.985
|
| $3.66 million | 2037 | Serial | 5% | 114.613
|
| $12,145,000 | 2040 | Term | 5% | 113.874
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