Published on 7/30/2014 in the Prospect News Municipals Daily.
New Issue: Hawaii offers up $163.68 million of highway revenue bonds through Baird
By Sheri Kasprzak
New York, July 30 – The State of Hawaii sold $163.68 million of series 2014 highway revenue bonds, according to a pricing sheet.
The deal included $103,375,000 of series 2014A bonds, $32,285,000 of series 2014B bonds and $28.02 million of series 2014C bonds.
The 2014A bonds are due 2015 to 2034 with 2% to 5% coupons and 0.12% to 3.18% yields.
The 2014B bonds are due 2017 to 2026 with 3% to 5% coupons and 0.49% to 2.59% yields.
The 2014C bonds are due 2015 to 2018 with 0.4% to 1.6% coupons all priced at par.
The bonds (Aa2/AA+/AA) were sold through Baird & Co. and Wells Fargo Securities LLC.
Proceeds will be used to finance capital improvements to state highways, as well as to refund existing highway revenue bonds.
| Issuer: | State of Hawaii
|
| Issue: | Series 2014 highway revenue bonds
|
| Amount: | $163.68 million
|
| Type: | Negotiated
|
| Underwriters: | Baird & Co. and Wells Fargo Securities LLC
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 14
|
|
|
| $103,375,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.3 million | 2015 | Serial | 2% | 100.715 | 0.12%
|
| $3.49 million | 2016 | Serial | 3% | 103.787 | 0.25%
|
| $3,595,000 | 2017 | Serial | 3% | 105.932 | 0.49%
|
| $3,705,000 | 2018 | Serial | 4% | 110.757 | 0.77%
|
| $3.85 million | 2019 | Serial | 4% | 112.276 | 1.12%
|
| $4,005,000 | 2020 | Serial | 5% | 118.309 | 1.45%
|
| $4,205,000 | 2021 | Serial | 5% | 119.738 | 1.72%
|
| $4,415,000 | 2022 | Serial | 5% | 120.869 | 1.95%
|
| $4,635,000 | 2023 | Serial | 5% | 121.747 | 2.15%
|
| $4.87 million | 2024 | Serial | 5% | 122.662 | 2.30%
|
| $5.11 million | 2025 | Serial | 5% | 122.451 | 2.43%
|
| $5.37 million | 2026 | Serial | 5% | 120.888 | 2.59%
|
| $5,635,000 | 2027 | Serial | 5% | 119.826 | 2.70%
|
| $5.92 million | 2028 | Serial | 5% | 118.587 | 2.83%
|
| $6,215,000 | 2029 | Serial | 5% | 117.831 | 2.91%
|
| $6,525,000 | 2030 | Serial | 5% | 117.175 | 2.98%
|
| $6.85 million | 2031 | Serial | 5% | 116.988 | 3.00%
|
| $7,195,000 | 2032 | Serial | 5% | 116.338 | 3.07%
|
| $7,555,000 | 2033 | Serial | 5% | 115.784 | 3.13%
|
| $7.93 million | 2034 | Serial | 5% | 115.324 | 3.18%
|
|
|
| $32,285,000 series 2014B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.65 million | 2017 | Serial | 3% | 105.932 | 0.49%
|
| $2.73 million | 2018 | Serial | 4% | 110.757 | 0.77%
|
| $2,845,000 | 2019 | Serial | 4% | 112.276 | 1.12%
|
| $2,955,000 | 2020 | Serial | 5% | 118.309 | 1.45%
|
| $3.1 million | 2021 | Serial | 5% | 119.738 | 1.72%
|
| $3.26 million | 2022 | Serial | 5% | 120.869 | 1.95%
|
| $3.42 million | 2023 | Serial | 5% | 121.747 | 2.15%
|
| $3.59 million | 2024 | Serial | 5% | 122.662 | 2.30%
|
| $3,775,000 | 2025 | Serial | 5% | 122.451 | 2.43%
|
| $3.96 million | 2026 | Serial | 5% | 120.888 | 2.59%
|
|
|
| $28.02 million series 2014C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $420,000 | 2015 | Serial | 0.40% | 100
|
| $850,000 | 2016 | Serial | 0.70% | 100
|
| $19,815,000 | 2017 | Serial | 1.20% | 100
|
| $6,935,000 | 2018 | Serial | 1.60% | 100
|
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