By Cristal Cody
Tupelo, Miss., Sept. 8 - The State of Minnesota sold $900.6 million in series 2010 general obligation bonds (Aa1/AAA/AAA) in what looks to be the biggest deal of the week, according to sources.
The sale included series 2010D various-purpose refunding bonds and series 2010E state trunk highway refunding bonds, both with serial maturities from 2011 through 2024.
The deal was upsized. The state originally planned to sell $681.2 million of the series 2010D bonds and $218.48 million of the series 2010E bonds for a total of $899.68 million.
The state priced the bonds with coupons from 1.325% to 5% to yield 1.16% to 2.84% in a negotiated sale on Tuesday.
RBC Capital Markets Corp. was the senior manager.
Co-managers were Barclays Capital Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Piper Jaffray & Co., Wells Fargo Securities LLC, Citigroup Global Markets Inc., Cronin & Co., Dougherty & Co., Fidelity Capital Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Raymond James & Associates Inc. and Robert W. Baird & Co.
Proceeds will be used to refund existing debt.
| Issuer: | State of Minnesota
|
| Issue: | General obligation bonds
|
| Amount: | $900.6 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets Corp. (lead)
|
| Maturities: | 2011 to 2024
|
| Coupons: | 1.325% to 5%
|
| Yields: | 1.16% to 2.84%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Sept. 7
|
| Settlement date: | Sept. 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
