Press Release

Ohio Debt Refinancing Saves $46 Million

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March 19, 2021

Press Release

Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced that the Ohio Public Facilities Commission (OPFC) in partnership with OBM’s Capital Markets Team completed the sale of $597 million of Common Schools and Higher Education bonds. 

The sale supports capital projects at K-12 schools, colleges and universities around Ohio. The transaction included a $148 million refinancing of debt issued in 2011 and 2013 and will produce $46 million of cash flow savings between fiscal years 2021 and 2033.

The sale priced with an all-in-interest rate of 2.02% and the State achieved attractive pricing as a result of its strong credit ratings (AA+/Aa1/AA+), sizable investor demand generating 5 times more orders than supply, and a low rate environment.

Bank of America Securities served as senior managing underwriter with Loop Capital Markets serving as co-senior manager. Acacia Financial Group, Inc provided Financial Advisory services.

“This spring deal accelerates our year of recovery, which allows for additional support to Ohio’s communities and economy. On behalf of Governor Mike DeWine, OPFC, and OBM, we have achieved measurable results in the marketplace,” said OBM Director Kimberly Murnieks. 

Governor DeWine serves as Chairperson of the OPFC while the OBM Director serves as Secretary. Additional members include representatives from the Treasurer of State, Auditor of State, Secretary of State, and Attorney General.

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