Oklahoma announces bond sales to finance 8-year highway plan

The Oklahoma Capitol Improvement Authority (OCIA) announced the offering $171.1 million of State Highways Capital Improvement Revenue Bonds, Tax-Exempt Series 2020B and $22.3 million of State Highways Capital Improvement Revenue Refunding Bonds, Federally Taxable Series 2020C on October 20, 2020.

The bonds will be offered via negotiated sale through the OCIA’s underwriting syndicate, led by senior manager J.P. Morgan Securities, with BOK Financial Securities, Morgan Stanley & Co. and Stifel, Nicolaus & Co. serving as co-managers on the transaction. The Municipal Advisor is Hilltop Securities.

“This bond sale will provide financing for the Department of Transportation’s eight-year construction work plan and ensure the recent progress made to Oklahoma’s transportation infrastructure continues uninterrupted,” said Randy McDaniel, Oklahoma State Treasurer and Secretary for OCIA.

“We look forward to a successful bond sale and are confident the state’s high bond rating and low debt position will make this offering very attractive to investors,” said Andrew Messer, Deputy State Treasurer for Debt Management and Director of OCIA.

A Preliminary Official Statement has been released and is available at www.ociabonds.com. The OCIA’s bonds are rated “AA-” by S&P and Fitch.

Source: OK. Treasurer

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