Published on 6/26/2014 in the Prospect News Municipals Daily.
New Issue: Oregon Department of Transportation prices $194.53 million of bonds
By Sheri Kasprzak
New York, June 26 – The Oregon Department of Transportation sold $194.53 million of series 2014A senior-lien tax-exempt highway user tax revenue refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold through Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2019 to 2031 with 4% to 5% coupons and 1.4% to 3.24% yields.
Proceeds will be used to refund existing DOT revenue bonds.
| Issuer: | Oregon Department of Transportation
|
| Issue: | Series 2014A senior-lien tax-exempt highway user tax revenue refunding bonds
|
| Amount: | $194.53 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Fidelity Capital Markets LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co., Wells Fargo Securities LLC and Williams Capital Group LP (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | June 26
|
| Settlement date: | July 9
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $775,000 | 2019 | Serial | 4% | 113.355 | 1.40%
|
| $1,575,000 | 2020 | Serial | 4% | 113.981 | 1.67%
|
| $995,000 | 2021 | Serial | 4% | 114.266 | 1.91%
|
| $13,435,000 | 2021 | Serial | 5% | 121.093 | 1.91%
|
| $5 million | 2022 | Serial | 4% | 114.315 | 2.12%
|
| $12.33 million | 2022 | Serial | 5% | 121.93 | 2.12%
|
| $890,000 | 2023 | Serial | 4% | 114.136 | 2.31%
|
| $18,705,000 | 2023 | Serial | 5% | 122.501 | 2.31%
|
| $20.62 million | 2024 | Serial | 5% | 123.39 | 2.43%
|
| $4,135,000 | 2025 | Serial | 5% | 122.058 | 2.56%
|
| $4.38 million | 2026 | Serial | 5% | 120.845 | 2.68%
|
| $20,185,000 | 2027 | Serial | 5% | 120.443 | 2.72%
|
| $21.22 million | 2028 | Serial | 5% | 119.844 | 2.78%
|
| $22,305,000 | 2029 | Serial | 5% | 119.051 | 2.86%
|
| $23.45 million | 2030 | Serial | 5% | 118.264 | 2.94%
|
| $24.53 million | 2031 | Serial | 4% | 106.634 | 3.24%
|
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