Oregon coordinates $412.07 million offering of lottery revenue bonds

By Sheri Kasprzak

New York, Dec. 24 – The State of Oregon Department of Administrative Services plans to price $412.07 million of series 2015 Oregon State Lottery revenue bonds, according to a preliminary official statement.

The offering includes $79.26 million of series 2015A tax-exempt bonds, $39.71 million of series 2015B taxable bonds, $124.46 million of series 2015C tax-exempt refunding bonds, $141,515,000 of series 2015D tax-exempt refunding bonds, $15.2 million of series 2015E tax-exempt refunding bonds and $11,925,000 of series 2015F tax-exempt refunding bonds.

The bonds (Aa2/AAA/) will be sold through senior managers Citigroup Global Markets Inc. and Goldman Sachs & Co. The co-managers are BofA Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Piper Jaffray & Co.

The 2015A bonds are due 2024 to 2035. The 2015B bonds are due 2017 to 2024. The 2015C bonds are due 2016 to 2028, and the 2015D bonds are due 2021 to 2029. The 2015E bonds are due 2022 to 2027, and the 2015F bonds are due 2022 to 2027.

Proceeds will be used to finance statewide capital projects, as well as to refund the state’s series 2007C, 2008A, 2009A, 2009D, 2010A, 2011A and 2012A lottery revenue bonds.

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