Published on 7/18/2012 in the Prospect News Municipals Daily.
New Issue: Ohio State University sells $115.27 million of general receipts bonds
By Sheri Kasprzak
New York, July 18 - Ohio State University priced Wednesday $115.27 million of series 2012 general receipts bonds, according to a pricing sheet.
The bonds (Aa1/AA/AA) were sold through senior managers Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC. The co-managers were KeyBanc Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC.
The offering included $92.1 million of series 2012A tax-exempt bonds and $23.17 million of series 2012B taxable bonds.
The 2012A bonds are due 2013 to 2030 with 2% to 5% coupons. The 2012B bonds are due 2013 to 2023 with a term bond due in 2033. The serial coupons range from 0.476% to 2.581%, all priced at par. The 2033 bonds have a 3.673% coupon priced at par.
Proceeds will be used to refund existing general receipts bonds.
| Issuer: | Ohio State University
|
| Issue: | Series 2012 general receipts bonds
|
| Amount: | $115.27 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead), KeyBanc Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 22
|
|
|
| $92.1 million series 2012A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $745,000 | 2013 | Serial | 2% | 101.291
|
| $3.73 million | 2016 | Serial | 3% | 108.514
|
| $4 million | 2016 | Serial | 4% | 112.232
|
| $3,985,000 | 2017 | Serial | 4% | 114.254
|
| $4 million | 2017 | Serial | 5% | 118.912
|
| $4,325,000 | 2018 | Serial | 3% | 109.719
|
| $4 million | 2018 | Serial | 5% | 120.828
|
| $4 million | 2019 | Serial | 4% | 115.767
|
| $4,625,000 | 2019 | Serial | 5% | 122.176
|
| $4 million | 2020 | Serial | 4% | 116.05
|
| $4,985,000 | 2020 | Serial | 5% | 123.281
|
| $3.94 million | 2021 | Serial | 4% | 116.02
|
| $4 million | 2021 | Serial | 5% | 124.031
|
| $4,265,000 | 2022 | Serial | 2.625% | 103.896
|
| $4 million | 2022 | Serial | 4% | 115.942
|
| $4 million | 2023 | Serial | 4% | 115.726
|
| $4.5 million | 2023 | Serial | 5% | 125.2
|
| $4 million | 2024 | Serial | 4% | 114.995
|
| $4.85 million | 2024 | Serial | 5% | 125.128
|
| $4 million | 2025 | Serial | 4% | 114.196
|
| $5.2 million | 2025 | Serial | 5% | 124.953
|
| $1.3 million | 2026 | Serial | 4% | 114.125
|
| $1,345,000 | 2027 | Serial | 4% | 113.914
|
| $1.39 million | 2028 | Serial | 4% | 113.57
|
| $1,435,000 | 2029 | Serial | 4% | 113.243
|
| $1.48 million | 2030 | Serial | 4% | 112.81
|
|
|
| $23.17 million series 2012B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $570,000 | 2013 | Serial | 0.476% | 100
|
| $1.84 million | 2014 | Serial | 0.626% | 100
|
| $1.84 million | 2015 | Serial | 0.81% | 100
|
| $1,785,000 | 2016 | Serial | 1.201% | 100
|
| $1.8 million | 2017 | Serial | 1.351% | 100
|
| $1.82 million | 2018 | Serial | 1.663% | 100
|
| $1.48 million | 2019 | Serial | 1.863% | 100
|
| $1.51 million | 2020 | Serial | 2.181% | 100
|
| $1.54 million | 2021 | Serial | 2.331% | 100
|
| $1,575,000 | 2022 | Serial | 2.481% | 100
|
| $1.61 million | 2023 | Serial | 2.581% | 100
|
| $5.8 million | 2033 | Term | 3.673% | 100 |
|
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