Published on 11/15/2012 in the Prospect News Municipals Daily.
New Issue: Minnesota sells $656.22 million of general fund appropriation bonds
By Sheri Kasprzak
New York, Nov. 15 - The State of Minnesota priced $656.22 million of series 2012 state general fund appropriation refunding bonds, according to a pricing sheet.
The bonds (/AA/) were sold through Barclays.
The offering included $54,665,000 of series 2012A taxable bonds and $601,555,000 of series 2012B tax-exempt bonds.
The 2012A bonds are due 2014 to 2015 with 0.43% to 0.63% coupons, both priced at par.
The 2012B bonds are due 2015 to 2030 with 3% to 5% coupons.
Proceeds will be used to refund the state's series 2011A-B state general fund appropriation bonds.
| Issuer: | State of Minnesota
|
| Issue: | Series 2012 state general fund appropriation refunding bonds
|
| Amount: | $656.22 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Bank of America Merrill Lynch, RBC Capital Markets LLC, Jefferies & Co. Inc., Ramirez & Co. Inc., U.S. Bancorp Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 21
|
|
|
| $54,665,000 series 2012A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $33.93 million | 2014 | Serial | 0.43% | 100
|
| $20,735,000 | 2015 | Serial | 0.63% | 100
|
|
|
| $601,555,000 series 2012B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $16.69 million | 2015 | Serial | 4% | 108.035
|
| $29.52 million | 2016 | Serial | 4% | 111.052
|
| $30.72 million | 2017 | Serial | 5% | 118.135
|
| $31.43 million | 2018 | Serial | 5% | 121.488
|
| $31.91 million | 2019 | Serial | 5% | 124.072
|
| $4.57 million | 2020 | Serial | 4% | 119.302
|
| $28.69 million | 2020 | Serial | 5% | 126.245
|
| $34.65 million | 2021 | Serial | 5% | 127.684
|
| $36.32 million | 2022 | Serial | 5% | 128.607
|
| $37.33 million | 2023 | Serial | 5% | 126.738
|
| $39,345,000 | 2024 | Serial | 5% | 125.671
|
| $41,615,000 | 2025 | Serial | 5% | 124.901
|
| $43.98 million | 2026 | Serial | 4% | 114.396
|
| $46.96 million | 2027 | Serial | 5% | 123.662
|
| $49,795,000 | 2028 | Serial | 5% | 123.096
|
| $52.81 million | 2029 | Serial | 5% | 122.719
|
| $45.22 million | 2030 | Serial | 3% | 100.968
|
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