Hawaii prepares $1.26 billion offering of G.O. and refunding bonds

By Sheri Kasprzak

New York, Nov. 8 - The State of Hawaii is expected to price $1,264,210,000 of series 2011 general obligation bonds, according to a preliminary official statement.

The deal includes $800 million of series 2011DZ G.O. bonds, $382.41 million of series 2011EA G.O. refunding bonds, $2.8 million of series 2011EB G.O. refunding bonds, $56 million of series 2011EC G.O. refunding bonds and $23 million of series 2011ED G.O. refunding bonds.

The bonds will be sold on a negotiated basis with Bank of America Merrill Lynch and Goldman Sachs & Co. as the senior managers.

The co-managers are Barclays Capital Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.

The 2011DZ bonds are due 2016 to 2031, and the 2011EA bonds are due 2016 to 2023. The 2011EB bonds are due in 2012, and the 2011EC bonds are due in 2013. The 2011ED bonds are due in 2015.

Proceeds from the sale will be used to finance capital expenditures, as well as to refund the state's series 2001CV, 2001CW, 2002CX, 2002CZ, 2003DA, 2003DB, 2004DD, 2004DE, 2005DF and 2006DI G.O. bonds.

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