By Stephen Nakrosis
Ohio plans to sell $770.8 million of municipal bonds with proceeds going in part to finance capital projects at higher education institutions supported or assisted by the state.
The bonds will be offered in two tranches: $319.2 million in Series 2025 A Higher Education General Obligation Bonds, and $451.6 million in Series 2025 B Higher Education General Obligation Refunding Bonds. The securities are general obligations of the state and are being sold by the Ohio Public Facilities Commission, according to a preliminary official statement posted Thursday on MuniOS.
Sale of the securities is scheduled for Feb. 11 and closing is set for Feb. 24, according to the Ohio Office of Budget and Management's website.
Money from the Series A bonds, which mature from 2026 through 2045, will fund capital projects and pay for issuance costs. Proceeds from the Series B securities will be used to payoff debt issued in 2010, 2015 and 2017, almost all of which all of which are subject to early redemption starting on May 1. Bonds sold in 2020 may also be purchased. That debt starting this November through 2035.
The bonds were rated Aaa by Moody's, and AAA by S&P Global Ratings and Fitch Ratings.
The offering's lead managers are Jefferies and KeyBanc Capital Markets.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 23, 2025 19:21 ET (00:21 GMT)
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