Published on 11/16/2012 in the Prospect News Municipals Daily.
New Issue: Hawaii prices upsized $866.99 million of G.O. bonds
By Sheri Kasprzak
New York, Nov. 16 - The State of Hawaii came to market with $866.99 million of series 2012 general obligation bonds, according to a pricing sheet. The offering was upsized from $800 million.
The deal included $444 million of series 2012EE G.O. bonds, $396.99 million of series 2012EF G.O. bonds and $26 million of series 2012EG taxable G.O. bonds.
The 2012EE bonds are due 2017 to 2032 with 1% to 5% coupons.
The 2012EF bonds are due 2017 to 2024 with 5% coupons.
The 2012EG bonds are due 2017 to 2032 with 1% to 3.625% coupons, all priced at par.
The bonds (Aa2//AA) were sold through Bank of America Merrill Lynch.
Proceeds will be used to finance construction, acquisition, improvement and equipment of public buildings, including elementary and secondary schools, libraries, parks, senior living facilities and other facilities, as well as to refund existing G.O. debt.
| Issuer: | State of Hawaii
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $866.99 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co., RBC Capital Markets LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Nov. 15
|
| Settlement date: | Dec. 4
|
|
|
| $444 million series 2012EE G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.21 million | 2017 | Serial | 2% | 110.822
|
| $2.2 million | 2017 | Serial | 3% | 106.012
|
| $11,705,000 | 2017 | Serial | 4% | 115.632
|
| $975,000 | 2018 | Serial | 3% | 112.179
|
| $500,000 | 2018 | Serial | 4% | 117.923
|
| $18,445,000 | 2018 | Serial | 5% | 123.668
|
| $1 million | 2019 | Serial | 1% | 99.402
|
| $2,645,000 | 2019 | Serial | 3% | 112.676
|
| $150,000 | 2019 | Serial | 4% | 119.313
|
| $17,085,000 | 2019 | Serial | 5% | 125.95
|
| $2.62 million | 2020 | Serial | 2% | 105.013
|
| $1,125,000 | 2020 | Serial | 4% | 119.978
|
| $18.11 million | 2020 | Serial | 5% | 127.461
|
| $1.07 million | 2021 | Serial | 3% | 112.109
|
| $650,000 | 2021 | Serial | 4% | 120.403
|
| $21,195,000 | 2021 | Serial | 5% | 128.697
|
| $1.2 million | 2022 | Serial | 3% | 111.614
|
| $8.72 million | 2022 | Serial | 4% | 120.688
|
| $14.1 million | 2022 | Serial | 5% | 129.762
|
| $435,000 | 2023 | Serial | 4% | 119.481
|
| $24,755,000 | 2023 | Serial | 5% | 128.5
|
| $7,435,000 | 2024 | Serial | 4% | 117.894
|
| $19.01 million | 2024 | Serial | 5% | 127.772
|
| $27.76 million | 2025 | Serial | 5% | 127.254
|
| $29,185,000 | 2026 | Serial | 5% | 126.636
|
| $30.68 million | 2027 | Serial | 5% | 126.022
|
| $32,255,000 | 2028 | Serial | 5% | 125.512
|
| $33.91 million | 2029 | Serial | 5% | 124.904
|
| $35,285,000 | 2030 | Serial | 3% | 101.892
|
| $36,545,000 | 2031 | Serial | 4% | 112.903
|
| $38.04 million | 2032 | Serial | 4% | 112.343
|
|
|
| $396.99 million series 2012EF G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $41,385,000 | 2017 | Serial | 5% | 120.442
|
| $43,505,000 | 2018 | Serial | 5% | 123.668
|
| $45,735,000 | 2019 | Serial | 5% | 125.95
|
| $48.08 million | 2020 | Serial | 5% | 127.461
|
| $50.55 million | 2021 | Serial | 5% | 128.697
|
| $53.14 million | 2022 | Serial | 5% | 129.762
|
| $55,865,000 | 2023 | Serial | 5% | 128.5
|
| $58.73 million | 2024 | Serial | 5% | 127.772
|
|
|
| $26 million series 2012EG taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.37 million | 2017 | Serial | 1% | 100
|
| $1,385,000 | 2018 | Serial | 1.3% | 100
|
| $1,405,000 | 2019 | Serial | 1.6% | 100
|
| $1.43 million | 2020 | Serial | 1.95% | 100
|
| $1.46 million | 2021 | Serial | 2.15% | 100
|
| $1.49 million | 2022 | Serial | 2.25% | 100
|
| $1,525,000 | 2023 | Serial | 2.45% | 100
|
| $1,565,000 | 2024 | Serial | 2.6% | 100
|
| $1.61 million | 2025 | Serial | 2.75% | 100
|
| $1,655,000 | 2026 | Serial | 2.85% | 100
|
| $1,705,000 | 2027 | Serial | 3.375% | 100
|
| $1.76 million | 2028 | Serial | 3.05% | 100
|
| $1,815,000 | 2029 | Serial | 3.15% | 100
|
| $1,875,000 | 2030 | Serial | 3.25% | 100
|
| $1.94 million | 2031 | Serial | 3.35% | 100
|
| $2.01 million | 2032 | Serial | 3.625% | 100
|
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