Published on 6/7/2012 in the Prospect News Municipals Daily.
New Issue: Oregon Department of Transportation sells $200.83 million revenue bonds
By Sheri Kasprzak
New York, June 7 - The Oregon Department of Transportation priced $200.83 million of series 2012 highway user tax revenue bonds, said a pricing sheet.
The offering included $129.98 million of series 2012N tax-exempt senior-lien refunding bonds and $70.85 million of series 2012B taxable senior-lien refunding bonds.
The 2012N bonds are due 2012 and 2020 to 2029 with 2% to 5% coupons. The 2012B bonds are due 2012 to 2020 with 0.3% to 2.549% coupons, all priced at par.
The bonds (Aa1/AAA/AA+) were sold through senior managers Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. The co-managers were RBC Capital Markets LLC, Bank of America Merrill Lynch, Fidelity Capital Markets Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC.
Proceeds will be used to refund department's series 2004A-B, 2005A-B and 2006A highway user tax revenue bonds.
| Issuer: | Oregon Department of Transportation
|
| Issue: | Series 2012 highway user tax revenue bonds
|
| Amount: | $200.83 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead), RBC Capital Markets LLC, Bank of America Merrill Lynch, Fidelity Capital Markets Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | June 7
|
| Settlement date: | June 26
|
|
|
| $129.98 million series 2012N tax-exempt senior-lien refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $700,000 | 2012 | Serial | 2% | 100.713
|
| $880,000 | 2020 | Serial | 3% | 110.283
|
| $2.12 million | 2020 | Serial | 5% | 125.866
|
| $500,000 | 2021 | Serial | 4% | 117.973
|
| $2.64 million | 2021 | Serial | 5% | 126.532
|
| $15,025,000 | 2022 | Serial | 5% | 127.253
|
| $15,795,000 | 2023 | Serial | 5% | 125.552
|
| $16,605,000 | 2024 | Serial | 5% | 124.085
|
| $17.46 million | 2025 | Serial | 5% | 123.049
|
| $18,355,000 | 2026 | Serial | 5% | 122.331
|
| $19,295,000 | 2027 | Serial | 5% | 121.515
|
| $275,000 | 2028 | Serial | 4% | 109.331
|
| $20.01 million | 2028 | Serial | 5% | 120.707
|
| $320,000 | 2029 | Serial | 3.125% | 98.086
|
|
|
| $70.85 million series 2012B taxable senior-lien refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.58 million | 2012 | Serial | 0.3% | 100
|
| $1.44 million | 2013 | Serial | 0.575% | 100
|
| $1.45 million | 2014 | Serial | 0.816% | 100
|
| $1,465,000 | 2015 | Serial | 1.06% | 100
|
| $12.99 million | 2016 | Serial | 1.304% | 100
|
| $12,205,000 | 2017 | Serial | 1.574% | 100
|
| $13.51 million | 2018 | Serial | 1.906% | 100
|
| $13.23 million | 2019 | Serial | 2.106% | 100
|
| $12.98 million | 2020 | Serial | 2.549% | 100
|
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