Published on 8/15/2012 in the Prospect News Municipals Daily.
New Issue: Mississippi brings $243.85 million general obligation refunding bonds
By Sheri Kasprzak
New York, Aug. 15 - The State of Mississippi sold $243,845,000 of series 2012 general obligation refunding bonds, according to a pricing sheet.
The offering included $71,985,000 of series 2012E taxable G.O. refunding bonds and $171.86 million of series 2012F G.O. refunding bonds.
The bonds (Aa2/AA/AA+) were sold on a negotiated basis. Citigroup Global Markets Inc. was the bookrunner for the 2012E bonds and Raymond James/Morgan Keegan was the bookrunner for the 2012F bonds. The co-managers were Duncan-Williams Inc. and Loop Capital Markets LLC with Stephens Inc. as the sole co-manager for the 2012F bonds.
The 2012E bonds are due 2012 and 2015 to 2025 with 0.38% to 3.027% coupons, all priced at par. The 2012F bonds are due 2012 and 2015 to 2025 with 1% to 5% coupons.
Proceeds will be used to advance refund existing G.O. bonds.
| Issuer: | State of Mississippi
|
| Issue: | Series 2012 general obligation refunding bonds
|
| Amount: | $243,845,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2012E), Raymond James/Morgan Keegan (lead for 2012F), Duncan-Williams Inc. and Loop Capital Markets LLC (co-managers for 2012E-F), Stephens Inc. (co-manager for 2012F)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 28
|
|
|
| $71,985,000 series 2012E taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,265,000 | 2012 | Serial | 0.38% | 100
|
| $1,675,000 | 2015 | Serial | 0.789% | 100
|
| $6,345,000 | 2016 | Serial | 1.116% | 100
|
| $6,475,000 | 2017 | Serial | 1.366% | 100
|
| $6,495,000 | 2018 | Serial | 1.695% | 100
|
| $6.47 million | 2019 | Serial | 1.895% | 100
|
| $6.65 million | 2020 | Serial | 2.267% | 100
|
| $6,855,000 | 2021 | Serial | 2.447% | 100
|
| $7.07 million | 2022 | Serial | 2.597% | 100
|
| $7.31 million | 2023 | Serial | 2.747% | 100
|
| $7,555,000 | 2024 | Serial | 2.827% | 100
|
| $7.82 million | 2025 | Serial | 3.027% | 100
|
|
|
| $171.86 million series 2012F G.O refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.16 million | 2012 | Serial | 1% | 100.144
|
| $465,000 | 2015 | Serial | 2% | 104.396
|
| $8,025,000 | 2016 | Serial | 4% | 113.598
|
| $415,000 | 2017 | Serial | 1.625% | 103.554
|
| $8,435,000 | 2018 | Serial | 4% | 116.745
|
| $8.7 million | 2019 | Serial | 2.25% | 105.361
|
| $9.04 million | 2020 | Serial | 5% | 124.998
|
| $36,405,000 | 2021 | Serial | 5% | 125.794
|
| $37,945,000 | 2022 | Serial | 4% | 117.824
|
| $39.56 million | 2023 | Serial | 5% | 125.71
|
| $10,575,000 | 2024 | Serial | 5% | 124.675
|
| $11,135,000 | 2025 | Serial | 5% | 123.753
|
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