By Sheri Kasprzak
New York, Oct. 6 - The State of Connecticut priced $570 million in series 2010 general obligation bonds (Aa2//AA) on Wednesday, according to a term sheet.
The sale included $50 million in series 2010D G.O. refunding bonds, $203.4 million in series 2010B taxable qualified school construction G.O. bonds, $22.205 million in series 2010C recovery zone economic development G.O. bonds and $294.395 million in series 2010D Build America Bonds.
The 2010D refunding bonds are due 2011, 2014 and 2016 to 2022 with coupons from 2% to 5%. The 2010B school construction G.O.s are due Oct. 1, 2029 and have a 5.295% coupon priced at 100.604. The 2010C recovery zone bonds are due Oct. 1, 2030 and have a 5.305% coupon priced at 100.745. The 2010D Build America Bonds are due Oct. 1, 2030 and have a 5.09% coupon priced at 100.822.
Morgan Stanley & Co. Inc. and Siebert Brandford Shank & Co. LLC were the joint bookrunners with Citigroup Global Markets Inc., Loop Capital Markets LLC and M.R. Beal & Co. as the co-senior managers.
The co-managers were Jackson Securities Inc., J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Morgan Keegan & Co. Inc., Ramirez & Co. Inc., Roosevelt & Cross Inc. and Wells Fargo Securities LLC.
Proceeds will be used to finance infrastructure projects, including new school construction.
| Issuer: | State of Connecticut
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $570 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Siebert Brandford Shank & Co. LLC (joint bookrunners); Citigroup Global Markets Inc., Loop Capital Markets LLC and M.R. Beal & Co. (co-senior managers); Jackson Securities Inc., J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Morgan Keegan & Co. Inc., Ramirez & Co. Inc., Roosevelt & Cross Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 19
|
|
|
| $50 million series 2010D G.O. refunding bonds
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 100.763
|
| 2014 | Serial | 2% | 103.155
|
| 2016 | Serial | 2.5% | 103.645
|
| 2017 | Serial | 3% | 105.261
|
| 2018 | Serial | 4% | 111.363
|
| 2019 | Serial | 3% | 102.932
|
| 2020 | Serial | 3.25% | 103.619
|
| 2021 | Serial | 5% | NRO
|
| 2022 | Serial | 3% | NRO
|
| 2022 | Serial | 4% | NRO
|
| 2022 | Serial | 5% | NRO
|
|
|
| $203.4 million series 2010B qualified school construction G.O. bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2029 | Term | 5.295% | 100.604
|
|
|
| $22.205 million series 2010C recovery zone economic development G.O. bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2030 | Term | 5.305% | 100.745
|
|
|
| $294.395 million series 2010D Build America Bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2030 | Term | 5.09% | 100.822
|
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