Published on 1/8/2015 in the Prospect News Municipals Daily.
New Issue: Oregon Administrative Services prices $438.49 million of lottery bonds
By Sheri Kasprzak
New York, Jan. 8 – The Oregon Department of Administrative Services sold $438,495,000 of series 2015 Oregon State Lottery revenue bonds, according to a pricing sheet. The deal was upsized from $412.07 million.
The offering included $77,785,000 of series 2015A tax-exempt bonds, $38,995,000 of series 2015B taxable bonds, $117.58 million of series 2015C tax-exempt refunding bonds, $164.23 million of series 2015D tax-exempt refunding bonds, $22.71 million of series 2015E tax-exempt refunding bonds and $17,195,000 of series 2015F tax-exempt refunding bonds.
The 2015A bonds are due 2024 to 2035 with 5% coupons and 1.95% to 2.64% yields.
The 2015B bonds are due 2017 to 2024 with 0.95% to 2.78% coupons all priced at par.
The 2015C bonds are due 2016 to 2028 with coupons from 2% to 5% and yields from 0.25% to 2.27%.
The 2015D bonds are due 2020 to 2029 with 5% coupons and 1.36% to 2.33% yields.
The 2015E bonds are due 2021 to 2029 with 5% coupons and 1.52% to 2.33% yields.
The 2015F bonds are due 2023 to 2029 with 5% coupons and yields from 1.86% to 2.33%.
The bonds (Aa2/AAA/) were sold through senior managers Citigroup Global Markets Inc. and Goldman, Sachs & Co.
Proceeds will be used to finance a variety of statewide capital projects, as well as to refund the state’s series 2007C, 2008A, 2009A, 2009D, 2010A, 2011A and 2012A lottery revenue bonds.
| Issuer: | Oregon Department of Administrative Services
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| Issue: | Series 2015 Oregon State Lottery revenue bonds
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| Amount: | $438,495,000
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. and Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Piper Jaffray & Co. (co-managers)
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| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AAA
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 28
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| $77,785,000 series 2015A tax-exempt bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $155,000 | 2024 | Serial | 5% | 125.507 | 1.95%
|
| $5,465,000 | 2025 | Serial | 5% | 127.07 | 2.04%
|
| $5,735,000 | 2026 | Serial | 5% | 126.022 | 2.14%
|
| $6,025,000 | 2027 | Serial | 5% | 125.295 | 2.21%
|
| $6,325,000 | 2028 | Serial | 5% | 124.675 | 2.27%
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| $6.64 million | 2029 | Serial | 5% | 124.059 | 2.33%
|
| $6,975,000 | 2030 | Serial | 5% | 123.447 | 2.39%
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| $7,325,000 | 2031 | Serial | 5% | 122.939 | 2.44%
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| $7.96 million | 2032 | Serial | 5% | 122.434 | 2.49%
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| $8,075,000 | 2033 | Serial | 5% | 122.932 | 2.54%
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| $8,475,000 | 2034 | Serial | 5% | 121.431 | 2.59%
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| $8.9 million | 2035 | Serial | 5% | 120.934 | 2.64%
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| $38,995,000 series 2015B taxable bonds
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| Amount | Maturity | Type | Coupon | Price
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| $4.58 million | 2017 | Serial | 0.95% | 100
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| $4,635,000 | 2018 | Serial | 1.44% | 100
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| $4.71 million | 2019 | Serial | 1.84% | 100
|
| $4,805,000 | 2020 | Serial | 2.19% | 100
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| $4.91 million | 2021 | Serial | 2.44% | 100
|
| $5,035,000 | 2022 | Serial | 2.64% | 100
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| $5,165,000 | 2023 | Serial | 2.73% | 100
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| $5,155,000 | 2024 | Serial | 2.78% | 100
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|
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| $117.58 million series 2015C tax-exempt refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.26 million | 2016 | Serial | 2% | 102.051 | 0.25%
|
| $3,335,000 | 2017 | Serial | 5% | 109.561 | 0.57%
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| $3,505,000 | 2018 | Serial | 5% | 112.971 | 0.85%
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| $3.67 million | 2019 | Serial | 5% | 115.737 | 1.13%
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| $3.86 million | 2020 | Serial | 5% | 118.128 | 1.36%
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| $4,055,000 | 2021 | Serial | 5% | 120.435 | 1.52%
|
| $4,255,000 | 2022 | Serial | 5% | 122.048 | 1.72%
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| $16.27 million | 2023 | Serial | 5% | 123.708 | 1.86%
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| $17.09 million | 2024 | Serial | 5% | 125.507 | 1.95%
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| $17.94 million | 2025 | Serial | 5% | 127.07 | 2.04%
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| $21,675,000 | 2026 | Serial | 5% | 126.022 | 2.14%
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| $14,875,000 | 2027 | Serial | 5% | 125.295 | 2.21%
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| $3.79 million | 2028 | Serial | 5% | 124.675 | 2.27%
|
|
|
| $164.23 million series 2015D tax-exempt refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20.7 million | 2020 | Serial | 5% | 118.128 | 1.36%
|
| $21.73 million | 2021 | Serial | 5% | 120.435 | 1.52%
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| $28.26 million | 2026 | Serial | 5% | 126.022 | 2.14%
|
| $29.67 million | 2027 | Serial | 5% | 125.295 | 2.21%
|
| $31,155,000 | 2028 | Serial | 5% | 124.675 | 2.27%
|
| $32,715,000 | 2029 | Serial | 5% | 124.059 | 2.33%
|
|
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| $22.71 million series 2015E tax-exempt refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $2.06 million | 2021 | Serial | 5% | 120.435 | 1.52%
|
| $2,165,000 | 2022 | Serial | 5% | 122.048 | 1.72%
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| $2.27 million | 2023 | Serial | 5% | 123.708 | 1.86%
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| $2.38 million | 2024 | Serial | 5% | 125.507 | 1.95%
|
| $2,505,000 | 2025 | Serial | 5% | 127.07 | 2.04%
|
| $2.63 million | 2026 | Serial | 5% | 126.022 | 2.14%
|
| $2.76 million | 2027 | Serial | 5% | 125.295 | 2.21%
|
| $2.9 million | 2028 | Serial | 5% | 124.675 | 2.27%
|
| $3.04 million | 2029 | Serial | 5% | 124.059 | 2.33%
|
|
|
| $17,195,000 series 2015F tax-exempt refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.11 million | 2023 | Serial | 5% | 123.708 | 1.86%
|
| $2.22 million | 2024 | Serial | 5% | 125.507 | 1.95%
|
| $2,325,000 | 2025 | Serial | 5% | 127.07 | 2.04%
|
| $2,445,000 | 2026 | Serial | 5% | 126.022 | 2.14%
|
| $2.57 million | 2027 | Serial | 5% | 125.295 | 2.21%
|
| $2,695,000 | 2028 | Serial | 5% | 124.675 | 2.27%
|
| $2.83 million | 2029 | Serial | 5% | 124.059 | 2.33%
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