Published on 4/11/2012 in the Prospect News Municipals Daily.
New Issue: Oregon prices $75.14 million of tax-exempt, taxable state lottery bonds
By Sheri Kasprzak
New York, April 11 - The State of Oregon brought to market $75.14 million of series 2012 Department of Administrative Services Oregon State Lottery revenue bonds, said a pricing sheet.
The offering included $18,855,000 of series 2012A tax-exempt bonds, $53,535,000 of series 2012B tax-exempt refunding bonds and $2.75 million of series 2012C taxable bonds.
The 2012A bonds are due 2018 to 2032 with 4% to 5% coupons. The 2012B bonds are due 2013 to 2025 with 2% to 5% coupons. The 2012C bonds are due 2013 and 2016 to 2018 with coupons from 0.30% to 1.45%, all priced at par.
The bonds (Aa2/AAA/) were sold through Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC. The co-managers were Bank of America Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to finance capital projects and refund existing debt.
Issuer: | State of Oregon
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Issue: | Series 2012 Department of Administrative Services Oregon State Lottery revenue bonds
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Amount: | $75.14 million
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Seattle-Northwest Securities Corp. and Siebert Brandford Shank & Co. LLC (co-managers)
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Ratings: | Moody's: Aa2
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Standard & Poor's: AAA
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Pricing date: | April 10
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Settlement date: | May 1
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$18,855,000 series 2012A tax-exempt bonds
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Amount | Maturity | Type | Coupon | Price
|
$475,000 | 2018 | Serial | 5% | 120.87
|
$945,000 | 2019 | Serial | 4% | 115.761
|
$985,000 | 2020 | Serial | 5% | 123.308
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$1,035,000 | 2021 | Serial | 5% | 123.783
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$1,085,000 | 2022 | Serial | 5% | 124.154
|
$1.14 million | 2023 | Serial | 5% | 122.558
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$1,195,000 | 2024 | Serial | 5% | 121.182
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$1,255,000 | 2025 | Serial | 5% | 119.824
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$1.32 million | 2026 | Serial | 5% | 118.579
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$1,385,000 | 2027 | Serial | 5% | 117.82
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$1,455,000 | 2028 | Serial | 5% | 117.068
|
$1,525,000 | 2029 | Serial | 5% | 116.414
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$1,605,000 | 2030 | Serial | 5% | 115.857
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$1,685,000 | 2031 | Serial | 5% | 115.303
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$1,765,000 | 2032 | Serial | 5% | 114.752
|
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$53,535,000 series 2012B tax-exempt refunding bonds
|
Amount | Maturity | Type | Coupon | Price
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$520,000 | 2013 | Serial | 2% | 101.63
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$290,000 | 2014 | Serial | 4% | 106.926
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$8.94 million | 2015 | Serial | 4% | 109.84
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$3.93 million | 2016 | Serial | 4% | 112.035
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$5,365,000 | 2016 | Serial | 5% | 115.893
|
$4,085,000 | 2017 | Serial | 4% | 113.939
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$5.63 million | 2017 | Serial | 5% | 118.729
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$4,245,000 | 2018 | Serial | 3% | 109.496
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$5.92 million | 2018 | Serial | 5% | 119.233
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$1,395,000 | 2019 | Serial | 4% | 115.761
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$3.54 million | 2019 | Serial | 5% | 120.552
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$1.45 million | 2020 | Serial | 4% | 114.052
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$1,505,000 | 2021 | Serial | 4% | 113.916
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$1.57 million | 2022 | Serial | 4% | 113.78
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$1,635,000 | 2023 | Serial | 5% | 122.558
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$1,715,000 | 2024 | Serial | 5% | 121.182
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$1.8 million | 2025 | Serial | 5% | 119.824
|
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$2.75 million series 2012C taxable bonds
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Amount | Maturity | Type | Coupon | Price
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$500,000 | 2013 | Serial | 0.30% | 100
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$900,000 | 2016 | Serial | 0.875% | 100
|
$905,000 | 2017 | Serial | 1.25% | 100
|
$445,000 | 2018 | Serial | 1.45% | 100
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