Published on 2/4/2015 in the Prospect News Municipals Daily.
New Issue: Mississippi brings to market $751.89 million general obligation bonds
By Sheri Kasprzak
New York, Feb. 4 – The State of Mississippi offered up $751.89 million of series 2015 general obligation bonds, according to a pricing sheet. The offering was upsized from $701,615,000.
The deal included $154,685,000 of series 2015A tax-exempt bonds, $128.95 million of series 2015B taxable bonds, $249.98 million of series 2015C tax-exempt refunding bonds and $218,275,000 of series 2015D taxable refunding bonds.
The 2015A bonds are due 2026 to 2035 with coupons from 4% to 5% and yields from 2.33% to 3.15%.
The 2015B bonds are due 2015 to 2026 with 0.28% to 2.979% coupons, all priced at par.
The 2015C bonds are due 2018 to 2028 with coupons from 4% to 5% and yields from 0.86% to 2.69%.
The 2015D bonds are due 2015 to 2032 with coupons from 0% to 3.729%, all priced at par.
Proceeds will be used to finance a variety of capital projects, including park and open space facilities, acquisitions and improvements to the Mississippi Civil Rights Museum and the Museum of Mississippi History, renovations to Jackson State University, Mississippi State University, Mississippi Valley State University, University of Mississippi Medical Center, University of Southern Mississippi and Holmes Community College, as well as to refund the state’s series 2006D, 2007B, 2008A-B, 2009E and 2011A G.O. bonds.
| Issue: | State of Mississippi
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| Issue: | Series 2015 general obligation bonds
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| Amount: | $751.89 million
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| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan and Morgan Stanley & Co. LLC (lead for 2015A), Citigroup Global Markets Inc. (co-manager for 2015A), BofA Merrill Lynch and Jefferies & Co. (lead for 2015B), Duncan-Williams Inc. (co-manager for 2015B), J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead for 2015C), Raymond James and Duncan-Williams (co-managers for 2015C), RBC Capital Markets LLC and Piper Jaffray & Co. (lead for 2015D), Citigroup (co-manager for 2015D)
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| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA
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| Fitch: AA+
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| Pricing date: | Feb. 3
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| Settlement date: | Feb. 18
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| $154,685,000 series 2015A tax-exempt bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $3.99 million | 2026 | Serial | 5% | 124.987 | 2.33%
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| $13.9 million | 2027 | Serial | 5% | 123.925 | 2.43%
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| $14,615,000 | 2028 | Serial | 5% | 123.187 | 2.50%
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| $15,365,000 | 2029 | Serial | 5% | 122.768 | 2.54%
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| $16.07 million | 2030 | Serial | 4% | 109.701 | 2.93%
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| $16,725,000 | 2031 | Serial | 4% | 109.224 | 2.98%
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| $17.41 million | 2032 | Serial | 4% | 108.749 | 3.03%
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| $18.12 million | 2033 | Serial | 4% | 108.37 | 3.07%
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| $18.86 million | 2034 | Serial | 4% | 107.993 | 3.11%
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| $19.63 million | 2035 | Serial | 4% | 107.618 | 3.15%
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| $128.95 million series 2015B taxable bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,425,000 | 2015 | Serial | 0.28% | 100 | 0.28%
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| $10.47 million | 2016 | Serial | 0.64% | 100 | 0.64%
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| $10.56 million | 2017 | Serial | 1.09% | 100 | 1.09%
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| $10,695,000 | 2018 | Serial | 1.472% | 100 | 1.472%
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| $10,865,000 | 2019 | Serial | 1.679% | 100 | 1.679%
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| $11,065,000 | 2020 | Serial | 1.979% | 100 | 1.979%
|
| $11.3 million | 2021 | Serial | 2.195% | 100 | 2.195%
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| $11.56 million | 2022 | Serial | 2.395% | 100 | 2.395%
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| $11,845,000 | 2023 | Serial | 2.559% | 100 | 2.559%
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| $12.16 million | 2024 | Serial | 2.679% | 100 | 2.679%
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| $12.5 million | 2025 | Serial | 2.829% | 100 | 2.829%
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| $5,505,000 | 2026 | Serial | 2.979% | 100 | 2.979%
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| $249.98 million series 2015C tax-exempt refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $22.02 million | 2018 | Serial | 5% | 114.721 | 0.86%
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| $29.72 million | 2019 | Serial | 5% | 117.468 | 1.11%
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| $30.99 million | 2020 | Serial | 5% | 119.746 | 1.34%
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| $5.41 million | 2021 | Serial | 5% | 121.693 | 1.54%
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| $5.54 million | 2022 | Serial | 5% | 123.247 | 1.73%
|
| $5,665,000 | 2023 | Serial | 5% | 124.357 | 1.92%
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| $3.65 million | 2024 | Serial | 4% | 116.564 | 2.09%
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| $33,035,000 | 2024 | Serial | 5% | 125.236 | 2.09%
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| $500,000 | 2025 | Serial | 4% | 116.652 | 2.23%
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| $37.84 million | 2025 | Serial | 5% | 126.061 | 2.23%
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| $40.18 million | 2026 | Serial | 5% | 124.987 | 2.33%
|
| $28.64 million | 2027 | Serial | 5% | 123.925 | 2.43%
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| $6.79 million | 2028 | Serial | 4% | 112.028 | 2.69%
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| $218,275,000 series 2015D taxable refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $2.51 million | 2015 | Serial | 0.31% | 100 | 0.31%
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| $2.52 million | 2016 | Serial | 0.64% | 100 | 0.64%
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| $2.54 million | 2017 | Serial | 1.09% | 100 | 1.09%
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| $2,575,000 | 2018 | Serial | 1.472% | 100 | 1.472%
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| $2,615,000 | 2019 | Serial | 1.679% | 100 | 1.679%
|
| $2,665,000 | 2020 | Serial | 1.979% | 100 | 1.979%
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| $10.64 million | 2021 | Serial | 2.195% | 100 | 2.195%
|
| $10,865,000 | 2022 | Serial | 2.395% | 100 | 2.395%
|
| $11,115,000 | 2023 | Serial | 2.559% | 100 | 2.559%
|
| $2.19 million | 2024 | Serial | 2.679% | 100 | 2.679%
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| $2.25 million | 2025 | Serial | 2.829% | 100 | 2.829%
|
| $2,315,000 | 2026 | Serial | 2.979% | 100 | 2.979%
|
| $2,385,000 | 2027 | Serial | 3.079% | 100 | 3.079%
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| $2,465,000 | 2028 | Serial | 3.229% | 100 | 3.229%
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| $15 million | 2029 | Serial | 3.429% | 100 | 3.429%
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| $15.33 million | 2030 | Serial | 3.529% | 100 | 3.529%
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| $39.14 million | 2031 | Serial | 0%
|
| $89,155,000 | 2032 | Serial | 3.729% | 100 | 3.729%
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