By Sheri Kasprzak
New York, Oct. 5 - The State of Ohio priced $207.61 million in series 2010 general obligation highway capital improvement bonds on Tuesday, according to a term sheet.
The sale included $29.825 million in series 2010N tax-exempt G.O.s, $145.175 million in series 2010O Build America Bonds and $32.61 million in series 2010P tax-exempt bonds.
The bonds (Aa1/AAA/AA+) were sold through Rice Financial Products Co. and Fifth Third Securities Inc. The co-managers were the Huntington Investment Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and Stifel, Nicolaus & Co.
The 2010N bonds are due 2012 to 2014 with 3% coupons. The 2010O bonds are due 2015 to 2024 with coupons from 1.97% to 4.09%, all priced at par. The 2010P bonds are due 2011 and 2013 to 2014 with 2% to 5% coupons.
Proceeds will be used to finance highway capital improvements and refund the state's 3.3% series 2004H bonds due 2013; 5% series 2004H bonds due 2013; 3.45% series 2004H bonds due 2014; and 5% series 2004H bonds due 2014.
Issuer: | State of Ohio
|
Issue: | Series 2010 general obligation highway capital improvement bonds
|
Amount: | $207.61 million
|
Type: | Negotiated
|
Underwriters: | Rice Financial Products Co. and Fifth Third Securities Inc. (lead), The Huntington Investment Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and Stifel, Nicolaus & Co. (co-managers)
|
Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
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Pricing date: | Oct. 5
|
Settlement date: | Oct. 20
|
|
$29.825 million series 2010N
|
Amount | Maturity | Type | Coupon | Price
|
$8.27 million | 2012 | Serial | 3% | 103.635
|
$10.62 million | 2013 | Serial | 3% | 104.908
|
$10.935 million | 2014 | Serial | 3% | 106.096
|
|
$145.175 million series 2010O
|
Amount | Maturity | Type | Coupon | Price
|
$11.63 million | 2015 | Serial | 1.97% | 100
|
$28 million | 2016 | Serial | 2.47% | 100
|
$12.225 million | 2017 | Serial | 2.91% | 100
|
$12.46 million | 2018 | Serial | 3.11% | 100
|
$12.71 million | 2019 | Serial | 3.42% | 100
|
$12.99 million | 2020 | Serial | 3.54% | 100
|
$13.29 million | 2021 | Serial | 3.7% | 100
|
$13.61 million | 2022 | Serial | 3.85% | 100
|
$13.95 million | 2023 | Serial | 3.97% | 100
|
$14.31 million | 2024 | Serial | 4.09% | 100
|
|
$32.61 million series 2010P
|
Amount | Maturity | Type | Coupon | Price
|
$700,000 | 2011 | Serial | 2% | 100.793
|
$4.655 million | 2013 | Serial | 3% | 104.908
|
$11.34 million | 2013 | Serial | 5% | 109.891
|
$9.915 million | 2014 | Serial | 3% | 106.096
|
$13 million | 2014 | Serial | 5% | 112.985
|
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