The Ohio Building Authority captured an interest rate of 3.57% on its April 19 sale of $15 million of lease-revenue bonds. Proceeds will finance capital projects related to juvenile correctional facilities run by the Ohio Department of Youth Services.
The authority sold the bonds competitively, and Morgan Stanley submitted the winning bid.
“This is the second time this year that the OBA has sold bonds through a competitive sale process, and we couldn’t be happier with the apparent broad appeal that the authority’s sales enjoy in the market,” Sandra Drabik, chairwoman of the authority’s board, said in a statement.
The building agency received 12 bids, officials said.
“Bids were received from national as well as regional and local firms,” Drabik added. “This level of interest is an indication that the OBA credit is well understood and accepted in the marketplace.”
The bonds were rated Aa2 by Moody’s Investors Service, and AA by Fitch Ratings and Standard & Poor’s.