Published on 5/19/2011 in the Prospect News Municipals Daily.
New Issue: Oregon prices $312.34 million of G.O. bonds
By Sheri Kasprzak
New York, May 19 - The State of Oregon priced $312,342,500 of series 2011 general obligation bonds (Aa1/AA+/AA+), according to a term sheet released Thursday.
The sale includes $9,222,500 of series 2011I seismic grants bonds, $152.72 million of series 2011J state property bonds, $59.845 million of series 2011K Oregon Department of Transportation bonds and $90.555 million of series 2011L refunding bonds.
The 2011I bonds are due 2012 to 2031 with a term bond due in 2036. The serial coupons range from 2% to 4.25%. The 2036 bonds have a 4.5% coupon priced at 98.815.
The 2011J bonds are due 2012 to 2032 with a term bond due in 2036. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 109.025.
The 2011K bonds are due 2013 to 2032 with a 2036 term bond. The serial coupons range from 3% to5%. The 2036 bonds have a 5% coupon priced at 109.025.
The 2011L bonds are due 2014 to 2018 and 2021 to 2026 with 5% coupons across the board.
Citigroup Global Markets Inc. and Bank of America Merrill Lynch were the senior managers. The co-managers were RBC Capital Markets LLC, J.P. Morgan Securities LLC, Fidelity Capital Markets LLC, Morgan Stanley & Co. Inc., Seattle-Northwest Securities Inc. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to fund seismic research, state property improvements, Oregon Department of Transportation improvements, as well as to refund the state's series 2001B bonds.
Issuer: | State of Oregon
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Issue: | Series 2011 general obligation bonds
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Amount: | $312,342,500
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. and Bank of America Merrill Lynch (lead), RBC Capital Markets LLC, J.P. Morgan Securities LLC, Fidelity Capital Markets LLC, Morgan Stanley & Co. Inc., Seattle-Northwest Securities Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
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Ratings: | Moody's: Aa1
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| Standard & Poor's: AA+
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| Fitch: AA+
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Pricing date: | May 18
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Settlement date: | May 26
|
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$9,222,500 series 2011I seismic grants bonds
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Amount | Maturity | Type | Coupon | Price
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$200,000 | 2012 | Serial | 2% | 101.719
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$205,000 | 2013 | Serial | 2% | 103.001
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$215,000 | 2014 | Serial | 2% | 103.505
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$215,000 | 2015 | Serial | 3% | 107.236
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$225,000 | 2016 | Serial | 3% | 108.074
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$225,000 | 2017 | Serial | 3% | 107.164
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$235,000 | 2018 | Serial | 3% | 106.244
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$245,000 | 2019 | Serial | 3% | 104.797
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$250,000 | 2020 | Serial | 3% | 103.439
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$255,000 | 2021 | Serial | 3% | 101.999
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$265,000 | 2022 | Serial | 3% | 99.813
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$275,000 | 2023 | Serial | 3.125% | 98.862
|
$285,000 | 2024 | Serial | 3.25% | 97.814
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$290,000 | 2025 | Serial | 3.625% | 99.401
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$305,000 | 2026 | Serial | 3.75% | 99.318
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$315,000 | 2027 | Serial | 3.875% | 99.585
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$325,000 | 2028 | Serial | 4% | 100
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$340,000 | 2029 | Serial | 4% | 98.985
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$350,000 | 2030 | Serial | 4.125% | 99.412
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$370,000 | 2031 | Serial | 4.25% | 99.865
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$2.1 million | 2036 | Term | 4.5% | 98.815
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|
$152.72 million series 2011J state property bonds
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Amount | Maturity | Type | Coupon | Price
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$6.545 million | 2012 | Serial | 2% | 101.597
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$7.645 million | 2013 | Serial | 5% | 108.634
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$10.06 million | 2014 | Serial | 5% | 112.078
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$10.54 million | 2015 | Serial | 5% | 114.753
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$11.075 million | 2016 | Serial | 5% | 117.457
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$5.07 million | 2017 | Serial | 5% | 118.292
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$5.315 million | 2018 | Serial | 5% | 119.038
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$5.58 million | 2019 | Serial | 5% | 119.15
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$5.87 million | 2020 | Serial | 5% | 119.279
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$6.04 million | 2021 | Serial | 5% | 119.242
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$3.85 million | 2022 | Serial | 5% | 119.033
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$4.045 million | 2023 | Serial | 5% | 118.606
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$4.245 million | 2024 | Serial | 5% | 117.658
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$4.45 million | 2025 | Serial | 5% | 116.664
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$4.685 million | 2026 | Serial | 5% | 115.932
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$4.915 million | 2027 | Serial | 5% | 115.408
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$5.165 million | 2028 | Serial | 5% | 114.88
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$5.425 million | 2029 | Serial | 5% | 114.37
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$5.685 million | 2030 | Serial | 5% | 113.902
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$5.37 million | 2031 | Serial | 5% | 113.052
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$5.64 million | 2032 | Serial | 5% | 112.109
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$25.505 million | 2036 | Term | 5% | 109.025
|
|
$59.845 million series 2011K Oregon DOT property bonds
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Amount | Maturity | Type | Coupon | Price
|
$1.485 million | 2013 | Serial | 3% | 104.796
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$1.53 million | 2014 | Serial | 3% | 106.299
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$1.575 million | 2015 | Serial | 4% | 110.921
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$1.64 million | 2016 | Serial | 4% | 112.7
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$1.705 million | 2017 | Serial | 4% | 112.681
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$1.775 million | 2018 | Serial | 4% | 112.606
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$1.845 million | 2019 | Serial | 4% | 111.95
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$1.92 million | 2020 | Serial | 4% | 111.344
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$1.995 million | 2021 | Serial | 4% | 110.613
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$2.075 million | 2022 | Serial | 4% | 109.747
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$2.16 million | 2023 | Serial | 5% | 118.606
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$2.265 million | 2024 | Serial | 5% | 117.658
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$2.38 million | 2025 | Serial | 5% | 116.664
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$2.5 million | 2026 | Serial | 5% | 115.932
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$2.625 million | 2027 | Serial | 5% | 115.408
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$2.755 million | 2028 | Serial | 5% | 114.88
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$2.89 million | 2029 | Serial | 5% | 114.37
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$3.035 million | 2030 | Serial | 5% | 113.902
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$3.19 million | 2031 | Serial | 5% | 113.052
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$3.35 million | 2032 | Serial | 5% | 112.109
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$15.15 million | 2036 | Term | 5% | 109.025
|
|
$90.555 million series 2011L refunding bonds
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Amount | Maturity | Type | Coupon | Price
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$6.6 million | 2014 | Serial | 5% | 112.078
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$6.93 million | 2015 | Serial | 5% | 114.7534
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$6.58 million | 2016 | Serial | 5% | 117.457
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$6.72 million | 2017 | Serial | 5% | 118.292
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$7.06 million | 2018 | Serial | 5% | 119.038
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$8.33 million | 2021 | Serial | 5% | 119.242
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$8.75 million | 2022 | Serial | 5% | 119.033
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$9.185 million | 2023 | Serial | 5% | 118.606
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$9.64 million | 2024 | Serial | 5% | 117.658
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$10.13 million | 2025 | Serial | 5% | 116.664
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$10.63 million | 2026 | Serial | 5% | 115.932
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