Ohio to Issue $114 Million in Bonds to Finance Water, Sewage Facilities
By Paulo Trevisani
Ohio plans to sell $114.4 million in tax-exempt bonds to finance the construction or acquisition of water supply and sewage systems.
The Ohio Water Development Authority's Fresh Water Revolving Fund Series 2024A bonds will mature from 2025 to 2031, according to a preliminary statement posted on MuniOs. Coupon and yield information wasn't available.
The bonds are payable with the authority's revenue. They are subordinated to previously issued Fresh Water Bonds with respect to certain revenues.
The authority had total operating revenue of $255.3 million for the year ended Dec. 21, 2023.
Proceeds will be used to finance the costs of planning, designing, constructing or acquiring wastewater treatment facilities, interceptor sewer facilities, sewage collection facilities and water supply and distribution facilities, besides paying the cost of bond issuance and refinancing some outstanding Sewerage Revenue Refunding Bonds.
Pricing date is Sep. 17 and closing date is Oct. 1. The bonds are rated Aaa by Moody's Ratings and AAA by S&P Global Ratings.
Stifel Nicolaus & Co. and Loop Capital Markets are senior managers for the issuance.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
September 11, 2024 12:12 ET (16:12 GMT)
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