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Ohio Achieves $363.6 Million in Cash Flow Savings for Fiscal Year 2021
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FOR IMMEDIATE RELEASE

June 29, 2020

 

(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 minority-owned 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.