The Bond Buyer
October 19, 2020
The Oklahoma Department of Transportation will price $193 million of revenue bonds in two series Tuesday. The $171 million of Series B bonds for projects and $22.3 million of Series C taxable refunding bonds will be issued through the Oklahoma Capitol Improvement Authority headed by Gov. Kevin Stitt. The bonds are pricing via negotiation with senior manager JPMorgan and co-managers BOK Financial Securities, Morgan Stanley and Stifel. Mike Newman, managing director at Hilltop Securities, is financial advisor, working with Andrew Messer, Oklahoma deputy state treasurer for debt management. Series B, maturing serially through 2040, will provide new money for projects. Series C reaches final maturity in 2025 refinancing 2012 bonds for net present value savings. Both series carry ratings of AA-minus from S&P Global Ratings and Fitch Ratings, with stable outlooks. The ratings are one notch below the state’s AA issuer rating because debt service on the bonds is subject to appropriation by the Legislature.
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