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Ohio Water Development coordinates $100 million of floating-rate notes
By Sheri Kasprzak
New York, May 6 – The Ohio Water Development Authority is expected to price $100 million of series 2015A taxable fresh water development revenue floating-rate notes as part of an offering not to exceed $200 million, according to a preliminary official statement.
The notes (/SP-1+/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the sole underwriter.
The notes are due May 1, 2038, have a mandatory purchase date of May 1, 2016, and will bear interest at thee-month Libor plus a spread.
Proceeds will be used to make loans to qualified local government agencies to construct, equip, install and repair wastewater, sewage and water supply facilities.
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