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Minnesota defeases $434.53 million of general obligation state bonds
By Tali Rackner
Norfolk, Va., Aug. 20 – The State of Minnesota defeased $434,525,000 from four series of its general obligation state bonds, according to a notice.
The state will redeem $8,275,000 of its 5% G.O. bonds due Oct. 1, 2016, at par plus accrued interest on Oct. 1.
It defeased $299.2 million of its G.O. state various purpose bonds issued on Aug. 14, 2007. The bonds, which are due Aug. 1, 2018 to 2027 and have 5% coupons, will be redeemed at par plus accrued interest on Aug. 1, 2017.
Minnesota also defeased $113 million of its G.O. state various purpose bonds issued on Aug. 5, 2008. The bonds, which are due June 1, 2019 to 2028 and have 4.625% to 5% coupons, will be redeemed at par plus accrued interest on June 1, 2018.
Finally, the state plans to redeem $14.05 million of its G.O. state trunk highway bonds issued on Aug. 5, 2008. The bonds, which are due June 1, 2019 to 2028 and have 4% to 5% coupons, will be redeemed at par plus accrued interest on June 1, 2018.
The Bank of New York Mellon Trust Co., NA is the escrow agent.
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