Published on 3/21/2012 in the Prospect News Municipals Daily.
New Issue: Ohio prices $442.77 million general obligation bonds in three series
By Sheri Kasprzak
New York, March 21 - The State of Ohio sold $442,765,000 of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $300 million of series 2012A higher education G.O. bonds, $102,615,000 of series 2012B higher education G.O. refunding bonds and $40.15 million of series 2012B infrastructure improvement G.O. refunding bonds.
The 2012A higher education bonds are due 2013 to 2032 with 2% to 5% coupons. The 2012B higher education refunding bonds are due 2016 to 2023 with 5% coupons, and the 2012B infrastructure refunding bonds are due 2016 to 2021 with 5% coupons.
J.P. Morgan Securities LLC was the senior manager for the bonds (Aa1/AA+/AA+).
Proceeds will be used to finance capital improvements to state-supported and state-assisted higher education institutions, as well as to refund outstanding bonds for net present value savings.
Issuer: | State of Ohio
|
Issue: | Series 2012 general obligation bonds
|
Amount: | $442,765,000
|
Type: | Negotiated
|
Underwriter: | J.P. Morgan Securities LLC
|
Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
Pricing date: | March 21
|
Settlement date: | April 3
|
|
$300 million series 2012A higher education G.O. bonds
|
Amount | Maturity | Type | Coupon | Price
|
$11.96 million | 2013 | Serial | 2% | 101.487
|
$4,485,000 | 2014 | Serial | 2% | 102.614
|
$5.3 million | 2014 | Serial | 5% | 108.061
|
$5 million | 2015 | Serial | 3% | 106.109
|
$5.14 million | 2015 | Serial | 5% | 111.689
|
$325,000 | 2016 | Serial | 3% | 107.218
|
$10.22 million | 2016 | Serial | 5% | 114.699
|
$2,675,000 | 2017 | Serial | 2% | 103.359
|
$1,125,000 | 2017 | Serial | 3% | 108.026
|
$7,265,000 | 2017 | Serial | 5% | 117.36
|
$1.46 million | 2018 | Serial | 3% | 107.239
|
$10.06 million | 2018 | Serial | 5% | 118.294
|
$310,000 | 2019 | Serial | 4% | 112.838
|
$11,755,000 | 2019 | Serial | 5% | 119.195
|
$250,000 | 2020 | Serial | 4% | 112.264
|
$12,415,000 | 2020 | Serial | 5% | 119.395
|
$145,000 | 2021 | Serial | 4% | 111.561
|
$13.15 million | 2021 | Serial | 5% | 119.428
|
$600,000 | 2022 | Serial | 4% | 111.152
|
$13.36 million | 2022 | Serial | 5% | 119.733
|
$2.35 million | 2023 | Serial | 3% | 100
|
$12.3 million | 2023 | Serial | 5% | 119.699
|
$1.8 million | 2024 | Serial | 3% | 98.525
|
$13,535,000 | 2024 | Serial | 5% | 120.228
|
$2.64 million | 2025 | Serial | 3.125% | 98.178
|
$13,425,000 | 2025 | Serial | 5% | 120.45
|
$16.82 million | 2026 | Serial | 5% | 120.354
|
$17.66 million | 2027 | Serial | 5% | 120.456
|
$18,545,000 | 2028 | Serial | 5% | 120.548
|
$19.47 million | 2029 | Serial | 5% | 120.656
|
$20,445,000 | 2030 | Serial | 5% | 120.954
|
$21.47 million | 2031 | Serial | 5% | 121.172
|
$22.54 million | 2032 | Serial | 4.5% | 109.977
|
|
$102,615,000 series 2012B higher education G.O. refunding bonds
|
Amount | Maturity | Type | Coupon | Price
|
$14,585,000 | 2016 | Serial | 5% | 116.253
|
$15.98 million | 2017 | Serial | 5% | 118.644
|
$15,985,000 | 2018 | Serial | 5% | 119.186
|
$16,985,000 | 2019 | Serial | 5% | 119.823
|
$9,305,000 | 2020 | Serial | 5% | 119.85
|
$9.4 million | 2021 | Serial | 5% | 119.945
|
$10,505,000 | 2022 | Serial | 5% | 120.105
|
$9.87 million | 2023 | Serial | 5% | 118.622
|
|
$40.15 million series 2012B infrastructure improvement G.O. refunding bonds
|
Amount | Maturity | Type | Coupon | Price
|
$5,885,000 | 2016 | Serial | 5% | 116.558
|
$6,185,000 | 2017 | Serial | 5% | 118.925
|
$6,505,000 | 2018 | Serial | 5% | 119.426
|
$6,835,000 | 2019 | Serial | 5% | 120.033
|
$7,185,000 | 2020 | Serial | 5% | 120.031
|
$7,555,000 | 2021 | Serial | 5% | 120.104
|
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