By Sheri Kasprzak
New York, March 4 - The Ohio Building Authority priced $50 million in state facilities bonds on Feb. 28, according to an official statement released Tuesday.
The series 2008A bonds (Aa2/AA/AA) priced in a serial structure from 2009 to 2018 with coupons from 3.18% to 4.375% and yields ranging from 2.4% to 4.22%.
The bonds also included a $10.27 million term bond due 2023 with a 5.5% coupon and a 4.68% yield.
The offering is part of a $124.62 million deal that also includes $24.62 million in series 2008B state facilities refunding bonds and $50 million in 2008C state facilities bonds.
Proceeds will be used to refund administrative building fund projects bonds sold in 2002 and to provide new capital for administrative building and correctional building projects.
JPMorgan was the lead manager for the negotiated sale with Griffin, Kubik, Stephens and Thompson, KeyBanc Capital Markets, Rice Financial Products and UBS Investment Bank as the co-managers.
| Issuer: | Ohio Building Authority
|
| Issue: | State facilities bonds
|
| Amount: | $50 million
|
| Type: | Negotiated
|
| Underwriters: | JPMorgan (lead); Griffin, Kubik, Stephens and Thompson; KeyBanc Capital Markets; Rice Financial Products; UBS Investment Bank (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Feb. 28
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3.5% | 2.40%
|
| 2010 | Serial | 3.5% | 2.74%
|
| 2011 | Serial | 3.5% | 2.99%
|
| 2012 | Serial | 3.5% | 3.22%
|
| 2013 | Serial | 3.75% | 3.41%
|
| 2014 | Serial | 3.875% | 3.58%
|
| 2015 | Serial | 4% | 3.75%
|
| 2016 | Serial | 4.125% | 3.91%
|
| 2017 | Serial | 4.25% | 4.07%
|
| 2018 | Serial | 4.375% | 4.22%
|
| 2023 | Term | 5.5% | 4.68%
|
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