Published on 5/21/2015 in the Prospect News Municipals Daily.
New Issue: State of Connecticut prices $380.8 million of G.O. bonds at par
By Cristal Cody
Tupelo, Miss., May 21 – The State of Connecticut priced $380.8 million of series 2015C-D general obligation bonds at par on Thursday, according to a term sheet.
The deal included $200 million of series 2015C Sifma index bonds due 2017 to 2018 and 2020 to 2024 and $180.75 million of series 2015D Sifma index G.O. refunding bonds due 2016 to 2018 and in 2021 and 2022.
The bonds (Aa3/AA/AA) were sold on a negotiated basis with Loop Capital Markets LLC as the senior manager.
Proceeds will be used to finance capital projects and to refund the state’s series 2005 G.O. bonds.
| Issuer: | State of Connecticut
|
| Issue: | General obligation bonds
|
| Amount: | $380,745,000
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead); Barclays, Raymond James/Morgan Keegan, William Blair & Co. Inc. and Williams Capital Group LP; Baird & Co., BofA Merrill Lynch, Blaylock Beal Van LLC, Citigroup Global Markets Inc., Estrada Hinojosa & Co. Inc., Janney Montgomery Scott LLC, Jefferies & Co., Prager & Co. LLC, Ramirez & Co. Inc., Roosevelt & Cross Inc., Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Bank, NA (co-senior managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | May 21
|
| Settlement date: | May 28
|
|
|
| Series 2015C bonds
|
| Amount | Maturity | Type | Price | Yield
|
| $25 million | 2017 | Serial | Par | Sifma index
|
| $16.69 million | 2018 | Serial | Par | Sifma index
|
| $15 million | 2020 | Serial | Par | Sifma index
|
| $41.73 million | 2021 | Serial | Par | Sifma index
|
| $38,235,000 | 2022 | Serial | Par | Sifma index
|
| $33,765,000 | 2023 | Serial | Par | Sifma index
|
| $29.58 million | 2024 | Serial | Par | Sifma index
|
|
|
| Series 2015D bonds
|
| Amount | Maturity | Type | Price | Yield
|
| $35.47 million | 2016 | Serial | Par | Sifma index
|
| $35.24 million | 2017 | Serial | Par | Sifma index
|
| $45.51 million | 2018 | Serial | Par | Sifma index
|
| $44,855,000 | 2021 | Serial | Par | Sifma index
|
| $19.67 million | 2022 | Serial | Par | Sifma index
|
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