Published on 4/23/2014 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $55.18 million general obligation bond offering
By Sheri Kasprzak
New York, April 23 - The State of Oregon sold $55,175,000 of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $50.13 million of series 2014A tax-exempt bonds and $5,045,000 of series 2014B taxable bonds.
The 2014A bonds are due 2015 to 2039 with 1% to 5% coupons and 0.14% to 3.55% yields. The 2014B bonds are due 2015 to 2024 with 0.21% to 3.42% coupons, all priced at par.
The bonds (Aa1/AA+/AA+) were sold through senior managers BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Proceeds will be used to finance capital projects and prepay certificates of participation.
Issuer: | State of Oregon
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Issue: | Series 2014 general obligation bonds
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Amount: | $55,175,000
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Type: | Negotiated
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Underwriters: | BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Fidelity Capital Markets Inc., Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Wells Fargo Securities 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: | April 23
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Settlement date: | May 7
|
|
$50.13 million series 2014A tax-exempt bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$1.15 million | 2015 | Serial | 1% | 100.844 | 0.14%
|
$4.37 million | 2016 | Serial | 4% | 107.207 | 0.35%
|
$3,965,000 | 2017 | Serial | 3% | 107.024 | 0.62%
|
$4,075,000 | 2018 | Serial | 4% | 112.019 | 0.92%
|
$4,245,000 | 2019 | Serial | 5% | 118.381 | 1.19%
|
$2,855,000 | 2020 | Serial | 2% | 102.735 | 1.52%
|
$2,905,000 | 2021 | Serial | 5% | 120.619 | 1.84%
|
$1.22 million | 2022 | Serial | 4% | 114.292 | 2.05%
|
$1,265,000 | 2023 | Serial | 3% | 106.069 | 2.25%
|
$1,305,000 | 2024 | Serial | 4% | 114.319 | 2.38%
|
$1,055,000 | 2025 | Serial | 5% | 121.768 | 2.52%
|
$1.11 million | 2026 | Serial | 5% | 120.495 | 2.65%
|
$1.16 million | 2027 | Serial | 5% | 119.333 | 2.77%
|
$1,225,000 | 2028 | Serial | 5% | 118.279 | 2.88%
|
$1.28 million | 2029 | Serial | 5% | 117.426 | 2.97%
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$1.35 million | 2030 | Serial | 5% | 116.673 | 3.05%
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$1,415,000 | 2031 | Serial | 5% | 115.926 | 3.13%
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$1,485,000 | 2032 | Serial | 5% | 115.093 | 3.22%
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$1.56 million | 2033 | Serial | 5% | 114.45 | 3.29%
|
$1,635,000 | 2034 | Serial | 5% | 113.902 | 3.35%
|
$1.72 million | 2035 | Serial | 5% | 113.629 | 3.38%
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$1,805,000 | 2036 | Serial | 5% | 113.176 | 3.43%
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$1,895,000 | 2037 | Serial | 5% | 112.726 | 3.48%
|
$1.99 million | 2038 | Serial | 5% | 112.367 | 3.52%
|
$2.09 million | 2039 | Serial | 5% | 112.098 | 3.55%
|
|
$5,045,000 series 2014B taxable bonds
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Amount | Maturity | Type | Coupon | Price
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$465,000 | 2015 | Serial | 0.21% | 100
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$475,000 | 2016 | Serial | 0.55% | 100
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$475,000 | 2017 | Serial | 1.13% | 100
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$485,000 | 2018 | Serial | 1.88% | 10
|
$490,000 | 2019 | Serial | 2.18% | 100
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$500,000 | 2020 | Serial | 2.5% | 100
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$515,000 | 2021 | Serial | 2.8% | 100
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$530,000 | 2022 | Serial | 2.97% | 100
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$545,000 | 2023 | Serial | 3.22% | 100
|
$565,000 | 2024 | Serial | 3.42% | 100
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