Published on 3/4/2016 in the Prospect News Municipals Daily.
New Issue: Ohio State University prices $630.88 million general receipts bonds
By Sheri Kasprzak
New York, March 4 – The Ohio State University sold $630,875,000 of series 2016 general receipts bonds on Thursday, according to a pricing sheet. The deal was upsized from $630 million.
The deal included $600 million of series 2016A taxable bonds and $30,875,000 of series 2016B tax-exempt bonds.
The 2016A bonds are due 2046 and 2056. The 2046 bonds have a 3.798% coupon and the 2056 bonds have a 4.048% coupon, both priced at par.
The 2016B bonds are due 2016 to 2030 with 3% to 5% coupons with yields from 0.12% to 2.63%.
The bonds (Aa1/AA/AA) were sold through senior managers Barclays and RBC Capital Markets LLC.
Proceeds will be used to improve and construct university facilities and refund the university’s series 2005A general receipts bonds.
| Issuer: | Ohio State University
|
| Issue: | Series 2016 general receipts bonds
|
| Amount: | $630,875,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and RBC Capital Markets LLC (lead), KeyBanc Capital Markets LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | March 3
|
| Settlement date: | March 9
|
|
|
| $600 million series 2016A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $350 million | 2046 | Term | 3.798% | 100 | 3.798%
|
| $250 million | 2056 | Term | 4.048% | 100 | 4.048%
|
|
|
| $30,875,000 series 2016B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.33 million | 2016 | Serial | 5% | 100.839 | 0.12%
|
| $2.61 million | 2017 | Serial | 3% | 102.989 | 0.44%
|
| $2.68 million | 2018 | Serial | 4% | 107.213 | 0.65%
|
| $2.79 million | 2019 | Serial | 5% | 113.196 | 0.78%
|
| $2.93 million | 2020 | Serial | 5% | 116.616 | 0.93%
|
| $1,405,000 | 2021 | Serial | 5% | 119.388 | 1.13%
|
| $1,465,000 | 2022 | Serial | 5% | 121.874 | 1.30%
|
| $1.55 million | 2023 | Serial | 5% | 123.407 | 1.54%
|
| $1.62 million | 2024 | Serial | 5% | 124.817 | 1.73%
|
| $1,705,000 | 2025 | Serial | 5% | 125.978 | 1.90%
|
| $1,785,000 | 2026 | Serial | 5% | 127.169 | 2.03%
|
| $1,875,000 | 2027 | Serial | 5% | 125.808 | 2.16%
|
| $1,965,000 | 2028 | Serial | 3% | 104.464 | 2.50%
|
| $2,035,000 | 2029 | Serial | 5% | 123.747 | 2.36%
|
| $2.13 million | 2030 | Serial | 4% | 112.154 | 2.63%
|
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