By Sheri Kasprzak
New York, Nov. 17 - The State of Hawaii priced $202.782 million of series 2010 harbor system revenue bonds on Wednesday, said a pricing sheet.
The deal included $165.747 million of series 2010A non-AMT bonds and $37.035 million of series 2010B AMT bonds.
The 2010A bonds are due 2014 to 2025, with term bonds due 2030, 2035 and 2040. Serial coupons range from 3.5% to 5%. The 2030 bonds have a 5.25% coupon priced at 96.208. The 2035 bonds have a split maturity with a 5.5% coupon priced at 96.47 and a 5.75% coupon priced at 99.733. The 2040 bonds have a 5.625% coupon priced at 97.532.
The 2010B bonds are due 2011 to 2021 with coupons from 3% to 5.5%.
Bank of America Merrill Lynch was the lead manager with Baird & Co. and Piper Jaffray & Co. as the co-managers.
Proceeds will be used to finance or refinance land acquisition, construction and replacement of docks and storage facilities at harbors in Honolulu, Oahu, Hilo and Maui, as well as to refund the state's series 2000A bonds.
| Issuer: | State of Hawaii
|
| Issue: | Series 2010 harbor system revenue bonds
|
| Amount: | $202.782 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead); Baird & Co. and Piper Jaffray & Co. (co-managers)
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 30
|
|
|
| $165.747 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.915 million | 2014 | Serial | 4% | 106.101
|
| $3.045 million | 2015 | Serial | 5% | 110.629
|
| $3.185 million | 2016 | Serial | 4% | 105.686
|
| $695,000 | 2017 | Serial | 3.5% | 101.291
|
| $2.615 million | 2017 | Serial | 5% | 110.111
|
| $3.455 million | 2018 | Serial | 5% | 108.872
|
| $3.605 million | 2019 | Serial | 5% | 107.73
|
| $4.865 million | 2020 | Serial | 4% | 98.664
|
| $1 million | 2020 | Serial | 5% | 106.499
|
| $5.045 million | 2021 | Serial | 4.25% | 98.904
|
| $1 million | 2021 | Serial | 5% | 105.203
|
| $3.1 million | 2022 | Serial | 4.25% | 97.055
|
| $1.91 million | 2022 | Serial | 5% | 103.739
|
| $75,000 | 2023 | Serial | 4.5% | 97.555
|
| $4.365 million | 2023 | Serial | 5% | 102.248
|
| $2.675 million | 2024 | Serial | 4.75% | 98.52
|
| $1.985 million | 2024 | Serial | 5% | 100.979
|
| $4.585 million | 2025 | Serial | 5% | 99.79
|
| $28.675 million | 2030 | Term | 5.25% | 96.208
|
| $6.8 million | 2035 | Term | 5.5% | 96.47
|
| $30.735 million | 2035 | Term | 5.75% | 99.733
|
| $49.415 million | 2040 | Term | 5.625% | 97.532
|
|
|
| $37.035 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.88 million | 2011 | Serial | 3% | 100.959
|
| $3.205 million | 2012 | Serial | 4% | 102.978
|
| $3.35 million | 2013 | Serial | 5% | 106.066
|
| $3.475 million | 2014 | Serial | 5% | 106.749
|
| $3.705 million | 2015 | Serial | 5% | 107.133
|
| $3.89 million | 2016 | Serial | 5% | 106.659
|
| $3.925 million | 2017 | Serial | 5% | 105.381
|
| $2.095 million | 2018 | Serial | 5% | 103.634
|
| $2.21 million | 2019 | Serial | 5.25% | 103.773
|
| $4.525 million | 2020 | Serial | 5.25% | 102.263
|
| $4.775 million | 2021 | Serial | 5.5% | 102.906
|
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