Published on 6/7/2012 in the Prospect News Municipals Daily.
New Issue: Oregon Department of Transportation sells $200.83 million revenue bonds
By Sheri Kasprzak
New York, June 7 - The Oregon Department of Transportation priced $200.83 million of series 2012 highway user tax revenue bonds, said a pricing sheet.
The offering included $129.98 million of series 2012N tax-exempt senior-lien refunding bonds and $70.85 million of series 2012B taxable senior-lien refunding bonds.
The 2012N bonds are due 2012 and 2020 to 2029 with 2% to 5% coupons. The 2012B bonds are due 2012 to 2020 with 0.3% to 2.549% coupons, all priced at par.
The bonds (Aa1/AAA/AA+) were sold through senior managers Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. The co-managers were RBC Capital Markets LLC, Bank of America Merrill Lynch, Fidelity Capital Markets Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC.
Proceeds will be used to refund department's series 2004A-B, 2005A-B and 2006A highway user tax revenue bonds.
Issuer: | Oregon Department of Transportation
|
Issue: | Series 2012 highway user tax revenue bonds
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Amount: | $200.83 million
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Type: | Negotiated
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Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead), RBC Capital Markets LLC, Bank of America Merrill Lynch, Fidelity Capital Markets Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC (co-managers)
|
Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
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| Fitch: AA+
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Pricing date: | June 7
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Settlement date: | June 26
|
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$129.98 million series 2012N tax-exempt senior-lien refunding bonds
|
Amount | Maturity | Type | Coupon | Price
|
$700,000 | 2012 | Serial | 2% | 100.713
|
$880,000 | 2020 | Serial | 3% | 110.283
|
$2.12 million | 2020 | Serial | 5% | 125.866
|
$500,000 | 2021 | Serial | 4% | 117.973
|
$2.64 million | 2021 | Serial | 5% | 126.532
|
$15,025,000 | 2022 | Serial | 5% | 127.253
|
$15,795,000 | 2023 | Serial | 5% | 125.552
|
$16,605,000 | 2024 | Serial | 5% | 124.085
|
$17.46 million | 2025 | Serial | 5% | 123.049
|
$18,355,000 | 2026 | Serial | 5% | 122.331
|
$19,295,000 | 2027 | Serial | 5% | 121.515
|
$275,000 | 2028 | Serial | 4% | 109.331
|
$20.01 million | 2028 | Serial | 5% | 120.707
|
$320,000 | 2029 | Serial | 3.125% | 98.086
|
|
$70.85 million series 2012B taxable senior-lien refunding bonds
|
Amount | Maturity | Type | Coupon | Price
|
$1.58 million | 2012 | Serial | 0.3% | 100
|
$1.44 million | 2013 | Serial | 0.575% | 100
|
$1.45 million | 2014 | Serial | 0.816% | 100
|
$1,465,000 | 2015 | Serial | 1.06% | 100
|
$12.99 million | 2016 | Serial | 1.304% | 100
|
$12,205,000 | 2017 | Serial | 1.574% | 100
|
$13.51 million | 2018 | Serial | 1.906% | 100
|
$13.23 million | 2019 | Serial | 2.106% | 100
|
$12.98 million | 2020 | Serial | 2.549% | 100
|
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