New Issue: Hawaii offers $860.86 million general obligation debt in seven tranches

By Sheri Kasprzak

New York, Nov. 7 - The State of Hawaii priced $860,855,000 of series 2013E general obligation bonds, according to a pricing sheet.

The offering included $635 million of series 2013EH G.O. bonds, $34,515,000 of series 2013EI G.O. refunding bonds, $58,355,000 of series 2013EJ G.O. refunding bonds, $27.33 million of series 2013EK G.O. refunding bonds, $50.86 million series 2013EL G.O. refunding bonds, $25 million of series 2013EM taxable G.O. bonds and $29,795,000 of series 2013EN taxable qualified school construction bonds.

The bonds (Aa2/AA/AA) were sold through senior managers BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.

The 2013EH bonds are due 2018 to 2033 with coupons from 4% to 5% and yields from 1.1% to 4.16%.

The 2013EI bonds are due Aug. 1, 2014 and have a 5% coupon priced at 103.357 to yield 0.16%.

The 2013EJ bonds are due in 2015 with a 3% coupon priced at 104.455 to yield 0.36% and a 5% coupon priced at 107.83 to yield 0.36%.

The 2013EK bonds are due in 2016 and have a 3% coupon priced at 106.487 to yield 0.57% and a 5% coupon priced at 111.827 to yield 0.57%.

The 2013EL bonds are due 2017 to 2023 with 1% to 5% coupons and 0.85% to 2.76% yields.

The 2013EM bonds are due 2018 to 2033 with coupons from 1.95% to 4.8%, all priced at par.

The 2013EN bonds are due 2018 to 2033 with coupons from 1.95% to 4.8%, all priced at par.

Proceeds will be used to finance certain capital expenditures for the state, as well as to refund the state's series 2003DA G.O. bonds.

Issuer:	State of Hawaii
Issue:	Series 2013E general obligation bonds
Amount:	$860,855,000
Type:	Negotiated
Underwriters:	Morgan Stanley & Co. LLC and RBC Capital Markets LLC (lead), Citigroup Global Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
Ratings:	Moody's: Aa2
	Standard & Poor's: AA
	Fitch: AA
Pricing date:	Nov. 7
Settlement date:	Nov. 21
$635 million series 2013EH G.O. bonds
Amount	Maturity	Type	Coupon	Price	Yield
$27.15 million	2018	Serial	5%	117.794	1.10%
$11,945,000	2019	Serial	4%	113.011	1.60%
$16,535,000	2019	Serial	5%	118.432	1.60%
$29.88 million	2020	Serial	5%	118.775	1.99%
$575,000	2021	Serial	4%	111.698	2.33%
$30.83 million	2021	Serial	5%	118.705	2.33%
$32,845,000	2022	Serial	4%	111.405	2.53%
$600,000	2023	Serial	4%	110.481	2.76%
$33.76 million	2023	Serial	5%	118.935	2.76%
$36.12 million	2024	Serial	5%	117.078	2.96%
$37.97 million	2025	Serial	5%	115.799	3.10%
$34.74 million	2026	Serial	4%	104.327	3.47%
$5 million	2026	Serial	5%	114.537	3.24%
$34.92 million	2027	Serial	4%	102.42	3.70%
$6.5 million	2027	Serial	5%	113.203	3.39%
$43,365,000	2028	Serial	5%	111.887	3.54%
$45.59 million	2029	Serial	5%	110.761	3.67%
$47,925,000	2030	Serial	5%	109.734	3.79%
$7.26 million	2031	Serial	4%	99.743	4.02%
$43,085,000	2031	Serial	5%	108.972	3.88%
$52.89 million	2032	Serial	5%	108.383	3.95%
$17.53 million	2033	Serial	4%	97.858	4.16%
$37,985,000	2033	Serial	5%	107.964	4.00%
$34,515,000 series 2013EI G.O. refunding bonds
Maturity	Type	Coupon	Price	Yield
Aug. 1, 2014	Term	5%	103.357	0.16%
$58,355,000 series 2013EJ G.O. refunding bonds
Amount	Maturity	Type	Coupon	Price	Yield
$10 million	2015	Term	3%	104.455	0.36%
$48,355,000	2015	Term	5%	107.83	0.36%
$27.33 million series 2013EK G.O. refunding bonds
Amount	Maturity	Type	Coupon	Price	Yield
$10 million	2016	Term	3%	106.487	0.57%
$17.33 million	2016	Term	5%	111.827	0.57%
$50.86 million series 2013EL G.O. refunding bonds
Amount	Maturity	Type	Coupon	Price	Yield
$6.46 million	2017	Serial	3%	107.802	0.85%
$1.5 million	2018	Serial	1%	99.543	1.10%
$5.17 million	2018	Serial	4%	113.231	1.10%
$1.5 million	2019	Serial	1.5%	99.457	1.60%
$275,000	2019	Serial	3%	107.589	1.60%
$5.15 million	2019	Serial	5%	118.432	1.60%
$7.21 million	2020	Serial	4%	112.537	1.99%
$1.6 million	2021	Serial	3%	104.692	2.33%
$5.93 million	2021	Serial	5%	118.705	2.33%
$7.86 million	2022	Serial	4%	111.405	2.53%
$1.6 million	2023	Serial	3%	102.026	2.76%
$6,605,000	2023	Serial	5%	118.935	2.76%
$25 million series 2013EM taxable G.O. bonds
Amount	Maturity	Type	Coupon	Price
$1.19 million	2018	Serial	1.95%	100
$1,215,000	2019	Serial	2.45%	100
$1.25 million	2020	Serial	2.75%	100
$1,285,000	2021	Serial	3.10%	100
$1.33 million	2022	Serial	3.35%	100
$1,375,000	2023	Serial	3.50%	100
$1,425,000	2024	Serial	3.75%	100
$1.48 million	2025	Serial	3.90%	100
$1.54 million	2026	Serial	4.05%	100
$1,605,000	2027	Serial	4.20%	100
$1,675,000	2028	Serial	4.35%	100
$1.75 million	2029	Serial	4.45%	100
$1,835,000	2030	Serial	4.65%	100
$1.92 million	2031	Serial	4.70%	100
$2,015,000	2032	Serial	4.75%	100
$2.11 million	2033	Serial	4.80%	100
$29,795,000 series 2013EN taxable G.O. qualified school construction bonds
Amount	Maturity	Type	Coupon	Price
$1,865,000	2018	Serial	1.95%	100
$1,865,000	2019	Serial	2.45%	100
$1,865,000	2020	Serial	2.75%	100
$1,865,000	2021	Serial	3.10%	100
$1,865,000	2022	Serial	3.35%	100
$1,865,000	2023	Serial	3.50%	100
$1,865,000	2024	Serial	3.75%	100
$1.86 million	2025	Serial	3.90%	100
$1.86 million	2026	Serial	4.05%	100
$1.86 million	2027	Serial	4.20%	100
$1.86 million	2028	Serial	4.35%	100
$1.86 million	2029	Serial	4.45%	100
$1.86 million	2030	Serial	4.65%	100
$1.86 million	2031	Serial	4.70%	100
$1.86 million	2032	Serial	4.75%	100
$1.86 million	2033	Serial	4.80%	100

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