New Issue: Georgia sells $500 million 6 7/8% notes due 2021 to yield 7 1/8%

By Christine Van Dusen

Atlanta, April 7 - Georgia sold $500 million 6 7/8% notes due April 12, 2021 (Ba3/B+/B+) at 98.233 to yield 7 1/8%, or Treasuries plus 356.5 basis points, a market source said.

Goldman Sachs and JPMorgan were the bookrunners for the Rule 144A and Regulation S notes, which were talked at a yield of 7¼% to 7½%.

Proceeds will be used for the 2013 notes tender and general budgetary purposes.

Issuer:	Georgia
Amount:	$500 million
Maturity:	April 12, 2021
Description:	Notes
Bookrunners:	Goldman Sachs, JPMorgan
Coupon:	6 7/8%
Price:	98.233
Yield:	7 1/8%
Spread:	Treasuries plus 356.5 bps
Trade date:	April 7
Settlement date:	April 12
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
	Fitch: B+
Distribution:	Rule 144A/Regulation S
Price talk:	7¼% to 7½%

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