Published on 6/11/2014 in the Prospect News Municipals Daily.
New Issue: Connecticut comes to market with $200 million general obligation bonds
By Sheri Kasprzak
New York, June 11 – The State of Connecticut priced $200 million of series 2014D general obligation bonds, according to a pricing sheet.
The bonds (/AA/) were sold through Rice Financial Products Co. and William Blair & Co.
The bonds are due 2015 to 2034 with 2% to 5% coupons and 0.13% to 3.86% yields.
Proceeds will be used to finance capital projects within the state.
| Issuer: | State of Connecticut
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| Issue: | Series 2014D general obligation bods
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| Amount: | $200 million
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| Type: | Negotiated
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| Underwriters: | Rice Financial Products Co. and William Blair & Co. (lead), J.P. Morgan Securities LLC, Janney Montgomery Scott LLC and RBC Capital Markets LLC (co-senior managers), BofA Merrill Lynch, Blaylock Beal Van LLC, Citigroup Global Markets Inc., Estrada Hinojosa & Co. Inc., Fidelity Capital Markets LLC, Goldman, Sachs & Co., Jefferies & Co., KeyBanc Capital Markets Inc., Lebenthal & Co., Piper Jaffray & Co., Ramirez & Co. Inc., Roosevelt & Cross Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
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| Rating: | Standard & Poor’s: AA
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| Pricing date: | June 11
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| Settlement date: | June 26
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10 million | 2015 | Serial | 2% | 101.811 | 0.13%
|
| $10 million | 2016 | Serial | 2% | 103.175 | 0.38%
|
| $2.55 million | 2017 | Serial | 2% | 103.633 | 0.76%
|
| $7.45 million | 2017 | Serial | 4% | 109.495 | 0.76%
|
| $1.89 million | 2018 | Serial | 2% | 103.367 | 1.13%
|
| $8.11 million | 2018 | Serial | 4% | 111.109 | 1.13%
|
| $4.25 million | 2019 | Serial | 2% | 102.53 | 1.47%
|
| $5.75 million | 2019 | Serial | 5% | 116.856 | 1.47%
|
| $1,655,000 | 2020 | Serial | 3% | 106.938 | 1.77%
|
| $8,345,000 | 2020 | Serial | 5% | 118.22 | 1.77%
|
| $3,325,000 | 2021 | Serial | 3% | 105.806 | 2.10%
|
| $6,675,000 | 2021 | Serial | 5% | 118.71 | 2.10%
|
| $885,000 | 2022 | Serial | 3% | 104.772 | 2.34%
|
| $19,115,000 | 2022 | Serial | 5% | 119.236 | 2.34%
|
| $1,485,000 | 2023 | Serial | 3% | 103.749 | 2.53%
|
| $18,515,000 | 2023 | Serial | 5% | 119.708 | 2.53%
|
| $3.9 million | 2024 | Serial | 3% | 103.136 | 2.64%
|
| $6.1 million | 2024 | Serial | 5% | 120.567 | 2.64%
|
| $295,000 | 2025 | Serial | 3% | 101.903 | 2.78%
|
| $70,000 | 2025 | Serial | 5% | 119.213 | 2.78%
|
| $915,000 | 2026 | Serial | 5% | 118.257 | 2.88%
|
| $3.5 million | 2027 | Serial | 5% | 117.122 | 3.00%
|
| $6 million | 2028 | Serial | 5% | 116.279 | 3.09%
|
| $2 million | 2029 | Serial | 5% | 115.444 | 3.18%
|
| $10 million | 2030 | Serial | 5% | 114.707 | 3.26%
|
| $15 million | 2031 | Serial | 5% | 114.067 | 3.33%
|
| $205,000 | 2032 | Serial | 4% | 103.494 | 3.58%
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| $15,905,000 | 2032 | Serial | 5% | 113.432 | 3.40%
|
| $855,000 | 2033 | Serial | 4% | 102.901 | 3.65%
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| $15,255,000 | 2033 | Serial | 5% | 112.8 | 3.47%
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| $6.44 million | 2034 | Serial | 3.625% | 96.748 | 3.86%
|
| $3.56 million | 2034 | Serial | 5% | 112.352 | 3.52%
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