Published on 10/9/2013 in the Prospect News Municipals Daily.
New Issue: Oregon Department of Transportation brings $409.78 million revenue debt
By Sheri Kasprzak
New York, Oct. 9 - The Oregon Department of Transportation priced $409,775,000 of series 2013A tax-exempt highway user tax revenue bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold through Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.
The bonds are due 2014 to 2034 with a term bond due in 2038. The serial coupons range from 2% to 5% with 0.15% to 4.27% yields. The 2038 bonds have a 5% coupon priced at 106.77 to yield 4.17%.
Proceeds will be used to finance approved highway projects.
| Issuer: | Oregon Department of Transportation
|
| Issue: | Series 2013A tax-exempt highway user tax revenue bonds
|
| Amount: | $409,775,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, Fidelity Capital Markets LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9,035,000 | 2014 | Serial | 2% | 101.996 | 0.15%
|
| $9,265,000 | 2015 | Serial | 3% | 105.402 | 0.39%
|
| $2 million | 2016 | Serial | 2% | 104.017 | 0.68%
|
| $7,575,000 | 2016 | Serial | 4% | 110.103 | 0.68%
|
| $3.01 million | 2017 | Serial | 3% | 107.935 | 1.01%
|
| $6,955,000 | 2017 | Serial | 5% | 115.91 | 1.01%
|
| $3 million | 2018 | Serial | 4% | 112.654 | 1.41%
|
| $7.43 million | 2018 | Serial | 5% | 117.54 | 1.41%
|
| $935,000 | 2019 | Serial | 3% | 107.239 | 1.74%
|
| $10,005,000 | 2019 | Serial | 5% | 118.731 | 1.74%
|
| $550,000 | 2020 | Serial | 4% | 112.719 | 2.06%
|
| $10.94 million | 2020 | Serial | 5% | 119.276 | 2.06%
|
| $1.64 million | 2021 | Serial | 3% | 104.907 | 2.33%
|
| $10.42 million | 2021 | Serial | 5% | 119.56 | 2.33%
|
| $12.66 million | 2022 | Serial | 5% | 119.835 | 2.54%
|
| $13.31 million | 2023 | Serial | 5% | 120.079 | 2.71%
|
| $13,995,000 | 2024 | Serial | 5% | 118.143 | 2.91%
|
| $9.35 million | 2025 | Serial | 4% | 107.918 | 3.08%
|
| $5.31 million | 2025 | Serial | 5% | 116.81 | 3.05%
|
| $15,365,000 | 2026 | Serial | 5% | 115.589 | 3.18%
|
| $935,000 | 2027 | Serial | 3.5% | 99.228 | 3.57%
|
| $15.21 million | 2027 | Serial | 5% | 114.474 | 3.30%
|
| $16.97 million | 2028 | Serial | 5% | 113.282 | 3.43%
|
| $17.84 million | 2029 | Serial | 5% | 112.014 | 3.57%
|
| $18,755,000 | 2030 | Serial | 5% | 110.941 | 3.69%
|
| $3.84 million | 2031 | Serial | 4% | 98.981 | 4.08%
|
| $15,855,000 | 2031 | Serial | 5% | 110.232 | 3.77%
|
| $20,685,000 | 2032 | Serial | 5% | 109.617 | 3.84%
|
| $19,135,000 | 2033 | Serial | 4.5% | 103.523 | 4.07%
|
| $2.56 million | 2033 | Serial | 5% | 109.093 | 3.90%
|
| $22.47 million | 2034 | Serial | 4.25% | 99.72 | 4.27%
|
| $205,000 | 2034 | Serial | 5% | 108.485 | 3.97%
|
| $102,565,000 | 2038 | Term | 5% | 106.77 | 4.17%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
