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Issuer Type: State/Province
State of Ohio General Obligation Bonds
State of Ohio Special Obligation Bonds
Certificates of Participation
State of Ohio, Major New State Infrastructure Bonds (GARVEE)
State of Ohio, Highway Capital Improvement Bonds
State of Ohio, State Facilities, Highway User Receipts
On behalf of the Office of Budget and Management, I welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the State of Ohio, as it allows us to make critical investments in various aspects of public infrastructure throughout Ohio. We are committed to maintaining our strong bond ratings, and being transparent with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of the State of Ohio. Please do not hesitate to contact our office with suggestions for how we can improve.
Kimberly Murnieks, Director
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.
Ohio Achieves $363.6 Million in Cash Flow Savings for Fiscal Year 2021
(COLUMBUS, Ohio) – Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced today that the Ohio Public Facilities Commission (OPFC) closed the sale of State of Ohio General Obligation debt in a remarkable transaction that achieved hundreds of millions of savings and was led by a minority-owned firm.
Loop Capital Markets served as senior managing underwriter on the Ohio Public Facilities Commission $780 million refunding transaction. Acacia Financial Group, a certified Women’s Business Enterprise by the Women’s Business Enterprise Council, served as Financial Advisor. Morgan Stanley & Co served as co-senior underwriter. Additional syndicate members included BofA Securities, Citigroup, Huntington Securities, Inc., J.P. Morgan, and KeyBanc Capital Markets Inc.
This historic collaboration of public and private sector partners produced $363.6 million in cash flow savings for fiscal year 2021 at an extremely advantageous interest rate of 1.54%, which is among the lowest rate of OPFC debt issued to date. The sale was also the largest conducted with a minority-owned underwriting firm and with a women’s business enterprise.
“This global COVID-19 pandemic continues to impact our communities and economy. However, on behalf of Governor Mike DeWine, OPFC, and OBM, we have secured a notable success in the marketplace. We are particularly proud to report that a minorityowned business enterprise led part of this achievement,” 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’s Office.
Buckeye Tobacco Settlement Financing Authority Completes $5.3 Billion Refinancing
Favorable Market Conditions attract 150 investors and over $50 billion in orders
(COLUMBUS, Ohio) – The Buckeye Tobacco Settlement Financing Authority (the Authority) closed on a $5.3 billion refinancing of the Tobacco Settlement Asset-Backed Bonds on Wednesday, March 4. The transaction went to market on February 25, 2020, taking advantage of incredibly favorable municipal bond market conditions.
The 2020 deal refinanced bonds originally issued in 2007 that securitized the State of Ohio’s annual payments received under the 1998 Tobacco Master Settlement Agreement with tobacco companies. The tobacco settlement bonds are special revenue obligations and are not at Ohio taxpayer or General Revenue Fund expense.
Earlier this year, the Authority approved the refinancing to decrease interest costs, create an opportunity for the State to receive future tobacco settlement payments, and prevent the 2007 bonds from a 2024 potential revenue shortfall. The transaction prompted more than 150 investors to submit over $50 billion in orders for the bonds. The bonds are structured to withstand significant future declines in tobacco consumption and to generate back-end savings for the State. Annual payments are projected to return to the State in 2052. The State did not contribute funds or provide credit support for the newly issued bonds; therefore, no risk was transferred to taxpayers.
The Buckeye Tobacco Settlement Authority is comprised of the Governor, the Director of the Office of Budget and Management (OBM), and the Treasurer of State. The Director of the Office of Budget and Management serves as the Secretary for the Authority.
“The Authority delivered on its objectives, lowering debt service costs and creating a more resilient structure. As a result, future tobacco settlement payments now have an opportunity to benefit Ohioans.” said OBM Director and BTSFA Secretary Kim Murnieks.
Jefferies and Citibank served as Joint-Lead Managers on the transaction.
The General Assembly created the Authority in 2007 for the sole purpose of exchanging Ohio’s annual revenue stream of tobacco settlement proceeds for a one-time upfront payment that financed the cost of improving facilities of Ohio’s K-12 schools and universities statewide. In turn, those annual payments are pledged to repay bond holders, and once repaid, the annual proceeds from the settlement will return to the State of Ohio.
News reporters and interested parties are encouraged to visit www.obm.ohio.gov for more information.