New Issue: Oregon prices $177.92 million of G.O. bonds for university system

By Sheri Kasprzak

New York, May 3 - The State of Oregon priced Tuesday $177.92 million of series 2011 general obligation bonds for the Oregon University System, said a pricing sheet.

The sale included $49.69 million of series 2011E bonds, $6.29 million of series 2011F bonds, $52.185 million of series 2011G bonds and $69.755 million of series 2011H bonds.

Merrill Lynch and Citigroup Global Markets Inc. were the senior managers for the bonds (Aa1/AA+/AA+). The co-managers were Fidelity Capital Markets LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc. and RBC Capital Markets LLC.

The 2011E bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 2.5% to 4.5%. The 2036 bonds have a split maturity with a 4.625% coupon and a 5% coupon. The 2041 bonds have a split maturity with a 4.75% coupon and a 5% coupon.

The 2011F bonds are due 2012 to 2017 with coupons from 0.58% to 3.2%, all priced at par.

The 2011G bonds are due 2017 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 4% to 5.25%. The 2036 bonds have a 5% coupon, and the 2041 bonds have a 5% coupon.

The 2011H bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 3% to 5.25%. The 2036 bonds have a 5% coupon, and the 2041 bonds have a 5% coupon.

Proceeds will be used to finance projects within the university system.

Issuer:	State of Oregon/Oregon University System
Issue:	Series 2011 general obligation bonds
Amount:	$177.92 million
Type:	Negotiated
Underwriters:	Merrill Lynch and Citigroup Global Markets Inc. (lead); Fidelity Capital Markets LLC; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley & Co. Inc.; and RBC Capital Markets LLC (co-managers)
Ratings:	Moody's: Aa1
	Standard & Poor's: AA+
	Fitch: AA+
Pricing date:	May 3
Settlement date:	May 19
$49.69 million series 2011E
Maturity	Type	Coupon
2012	Serial	3%
2013	Serial	2.5%
2014	Serial	3%
2015	Serial	4%
2016	Serial	3%
2017	Serial	3%
2018	Serial	4%
2019	Serial	3%
2020	Serial	4%
2021	Serial	3%
2022	Serial	3.25%
2023	Serial	3.5%
2024	Serial	4%
2025	Serial	4%
2026	Serial	4%
2027	Serial	4%
2028	Serial	4.125%
2029	Serial	4.25%
2030	Serial	4.25%
2031	Serial	4.5%
2036	Term	4.625%
2036	Term	5%
2041	Term	4.75%
2041	Term	5%
$6.29 million series 2011F
Maturity	Type	Coupon	Price
2012	Serial	0.58%	100
2013	Serial	1%	100
2014	Serial	1.6%	100
2015	Serial	2.25%	100
2016	Serial	2.625%	100
2017	Serial	3.2%	100
$52.185 million series 2011G
Maturity	Type	Coupon
2017	Serial	4%
2018	Serial	5%
2019	Serial	4%
2020	Serial	5%
2021	Serial	5%
2022	Serial	5%
2023	Serial	5%
2024	Serial	5.25%
2025	Serial	5%
2025	Serial	5.25%
2026	Serial	5.25%
2027	Serial	4%
2028	Serial	5.25%
2029	Serial	5.25%
2030	Serial	5.25%
2031	Serial	5.25%
2036	Term	5%
2041	Term	5%
$69.755 million series 2011H
Maturity	Type	Coupon
2012	Serial	3%
2013	Serial	5%
2014	Serial	5%
2015	Serial	4%
2016	Serial	3%
2017	Serial	3%
2018	Serial	4%
2019	Serial	3%
2019	Serial	5%
2020	Serial	4%
2020	Serial	5%
2021	Serial	5%
2022	Serial	3.25%
2022	Serial	5%
2023	Serial	5%
2024	Serial	5.25%
2025	Serial	5.25%
2026	Serial	4%
2027	Serial	5.25%
2028	Serial	5.25%
2029	Serial	5.25%
2030	Serial	5.25%
2031	Serial	5.25%
2036	Term	5%
2041	Term	5%

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