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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
AmountMaturityTypePriceYield
$25 million2017SerialParSifma index
$16.69 million2018SerialParSifma index
$15 million2020SerialParSifma index
$41.73 million2021SerialParSifma index
$38,235,0002022SerialParSifma index
$33,765,0002023SerialParSifma index
$29.58 million2024SerialParSifma index
Series 2015D bonds
AmountMaturityTypePriceYield
$35.47 million2016SerialParSifma index
$35.24 million2017SerialParSifma index
$45.51 million2018SerialParSifma index
$44,855,0002021SerialParSifma index
$19.67 million2022SerialParSifma index

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