Published on 9/29/2014 in the Prospect News Municipals Daily.
New Issue: Ohio State University brings to market $135.99 million receipts bonds
By Sheri Kasprzak
New York, Sept. 29 – The Ohio State University priced $135,985,000 of series 2014A general receipts bonds, according to a pricing sheet. The offering was downsized from $150 million.
The bonds (Aa1/AA/AA) were sold through joint bookrunners Barclays, J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC and RBC Capital Markets LLC.
The bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5% with 0.18% to 3.41% yields. The 2039 bonds have a 5% coupon priced at 115.109 to yield 3.24%, and the 2044 bonds have a 4% coupon priced at 102.174 to yield 3.74%.
Proceeds will be used to construct and equip improvements to the university’s facilities.
| Issuer: | Ohio State University
|
| Issue: | Series 2014A general receipts bonds
|
| Amount: | $135,985,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays, J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC and RBC Capital Markets LLC (joint bookrunners), Loop Capital Markets LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Sept. 23
|
| Settlement date: | Oct. 9
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.19 million | 2015 | Serial | 2% | 102.079 | 0.18%
|
| $2,235,000 | 2016 | Serial | 2% | 103.412 | 0.40%
|
| $2,315,000 | 2017 | Serial | 5% | 113.516 | 0.65%
|
| $2,435,000 | 2018 | Serial | 5% | 116.419 | 0.95%
|
| $2.56 million | 2019 | Serial | 5% | 118.516 | 1.27%
|
| $2.69 million | 2020 | Serial | 5% | 120.078 | 1.56%
|
| $2,825,000 | 2021 | Serial | 5% | 120.988 | 1.85%
|
| $2.97 million | 2022 | Serial | 5% | 121.686 | 2.09%
|
| $3,125,000 | 2023 | Serial | 5% | 122.611 | 2.25%
|
| $3,285,000 | 2024 | Serial | 5% | 123.486 | 2.38%
|
| $3,455,000 | 2025 | Serial | 5% | 122.375 | 2.49%
|
| $3.63 million | 2026 | Serial | 5% | 121.475 | 2.58%
|
| $3,815,000 | 2027 | Serial | 5% | 120.385 | 2.69%
|
| $3.97 million | 2028 | Serial | 3% | 98.859 | 3.10%
|
| $4,135,000 | 2029 | Serial | 5% | 119.503 | 2.78%
|
| $4,325,000 | 2030 | Serial | 4% | 106.523 | 3.24%
|
| $4.5 million | 2031 | Serial | 4% | 105.989 | 3.30%
|
| $4,685,000 | 2032 | Serial | 4% | 105.459 | 3.36%
|
| $4,875,000 | 2033 | Serial | 4% | 105.02 | 3.41%
|
| $5.1 million | 2034 | Serial | 5% | 116.331 | 3.11%
|
| $29.7 million | 2039 | Term | 5% | 115.109 | 3.24%
|
| $37,165,000 | 2044 | Term | 4% | 102.174 | 3.74%
|
© 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.
