Published on 10/2/2014 in the Prospect News Municipals Daily.
New Issue: Ohio State University sells $150 million of variable-rate demand bonds
By Sheri Kasprzak
New York, Oct. 2 – The Ohio State University priced $150 million of series 2014B variable-rate demand general receipts bonds, according to an official statement.
The deal included $75 million of series 2014B-1 bonds and $75 million of series 2014B-2 bonds.
The bonds are all due Dec. 1, 2034, Dec. 1, 2039 and Dec. 1, 2044. The bonds initially bear interest at the weekly rate.
The bonds (Aa1/VMIG 1/AA/A-1+/AA/F1+) were sold through joint lead managers J.P. Morgan Securities LLC, RBC Capital Markets LLC, Barclays and KeyBanc Capital Markets LLC. The co-managers were Loop Capital Markets LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds will be used to refund, fund or retire facilities issued to finance capital improvements for the university.
| Issuer: | Ohio State University
|
| Issue: | Series 2014B variable-rate demand general receipts bonds
|
| Amount: | $150 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, RBC Capital Markets LLC, Barclays and KeyBanc Capital Markets LLC (joint lead managers), Loop Capital Markets LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1/VMIG 1
|
| Standard & Poor’s: AA/A-1+
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| Fitch: AA/F1+
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| Pricing date: | Oct. 1
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| Settlement date: | Oct. 9
|
|
|
| $75 million series 2014B-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $25 million | Dec. 1, 2034 | Term | Weekly | 100
|
| $25 million | Dec. 1, 2039 | Term | Weekly | 100
|
| $25 million | Dec. 1, 2044 | Term | Weekly | 100
|
|
|
| $75 million series 2014B-2 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $25 million | Dec. 1, 2034 | Term | Weekly | 100
|
| $25 million | Dec. 1, 2039 | Term | Weekly | 100
|
| $25 million | Dec. 1, 2044 | Term | Weekly | 100
|
|
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