Published on 11/13/2013 in the Prospect News Municipals Daily.
New Issue: Mississippi completes $339.17 million G.O. issue in two tranches
By Sheri Kasprzak
New York, Nov. 13 - The State of Mississippi priced $339,165,000 of series 2013 general obligation bonds, according to a pricing sheet.
The offering included $179.94 million of series 2013A taxable G.O. bonds and $159,225,000 of series 2013B tax-exempt G.O. bonds.
The 2013A bonds are due 2014 to 2026 with 0.31% to 4.172% coupons with 0.31% to 4.172% yields.
The 2013B bonds are due 2026 to 2033 with coupons from 5% coupons and 3.38% to 4.11% yields.
The bonds (Aa2//AA+) were sold on a negotiated basis with Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. as the lead manager for the 2013A bonds and Raymond James/Morgan Keegan and BofA Merrill Lynch as the lead managers for the 2013B bonds.
Proceeds will be used to finance statewide capital improvements.
| Issuer: | State of Mississippi
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $339,165,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead for 2013A), Crews & Associates Inc. and Kipling Jones & Co. (co-managers for 2013A), Raymond James/Morgan Keegan and BofA Merrill Lynch (lead for 2013B), Duncan-Williams Inc., Loop Capital Markets LLC and Stephens Inc. (co-managers for 2013B)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA+
|
| Pricing date: | Nov. 13
|
| Settlement date: | Dec. 3
|
|
|
| $179.94 million series 2013A taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12,525,000 | 2014 | Serial | 0.31% | 100 | 0.31%
|
| $12.67 million | 2015 | Serial | 2% | 102.852 | 0.56%
|
| $12,935,000 | 2016 | Serial | 2.125% | 103.304 | 1.002%
|
| $13.18 million | 2017 | Serial | 1.653% | 100 | 1.653%
|
| $13,425,000 | 2018 | Serial | 2.053% | 100 | 2.053%
|
| $13.74 million | 2019 | Serial | 2.551% | 100 | 2.551%
|
| $14,115,000 | 2020 | Serial | 2.881% | 100 | 2.881%
|
| $14,555,000 | 2021 | Serial | 3.252% | 100 | 3.252%
|
| $15,055,000 | 2022 | Serial | 3.452% | 100 | 3.452%
|
| $15.6 million | 2023 | Serial | 3.652% | 100 | 3.652%
|
| $16,195,000 | 2024 | Serial | 3.852% | 100 | 3.852%
|
| $16.84 million | 2025 | Serial | 4.002% | 100 | 4.002%
|
| $9,105,000 | 2026 | Serial | 4.172% | 100 | 4.172%
|
|
|
| $159,225,000 series 2013B tax-exempt G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,475,000 | 2026 | Serial | 5% | 113.642 | 3.38%
|
| $18.44 million | 2027 | Serial | 5% | 112.289 | 3.53%
|
| $19.39 million | 2028 | Serial | 5% | 111.043 | 3.67%
|
| $20,385,000 | 2029 | Serial | 5% | 109.988 | 3.79%
|
| $21.43 million | 2030 | Serial | 5% | 109.032 | 3.90%
|
| $22,525,000 | 2031 | Serial | 5% | 108.343 | 3.98%
|
| $23,685,000 | 2032 | Serial | 5% | 107.744 | 4.05%
|
| $24,895,000 | 2033 | Serial | 5% | 107.234 | 4.11%
|
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