Published on 11/20/2014 in the Prospect News Municipals Daily.
New Issue: Hawaii prices $1 billion general obligation bonds in five tranches
By Sheri Kasprzak
New York, Nov. 20 – The State of Hawaii sold $1,008,775,000 of series 2014E general obligation bonds, according to a pricing sheet.
The offering included $575 million of series EO G.O. bonds, $209,015,000 of series EP refunding G.O. bonds, $25 million of series EQ taxable G.O. bonds, $5.88 million of series ER taxable refunding G.O. bonds and $193.88 million of series ES taxable refunding G.O. bonds.
The series EO bonds are due 2019 to 2034 with 3% to 5% coupons and yields from 1.21% to 3.55%.
The series EP bonds are due 2019 to 2026 with 5% coupons and 1.21% to 2.66% yields.
The series EQ bonds are due 2019 to 2034 with 2.035% to 3.915% coupons all priced at par.
The series ER bonds are due Aug. 1, 2015 and have a 0.18% coupon priced at par.
The series ES bonds are due 2016 to 2017 with 0.731% to 1.231% coupon priced at par.
The bonds (Aa2/AA/AA) were sold through lead managers J.P. Morgan Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital projects throughout the state and refund the state’s series 2005DF, 2005DG, 2006DI, 2006DJ, 2008DK and 2008 DN G.O. bonds.
| Issuer: | State of Hawaii
|
| Issue: | Series 2014E general obligation bonds
|
| Amount: | $1,008,775,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC (lead), Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., Piper Jaffray & Co., RBC Capital Markets LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC.
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 25
|
|
|
| $575 million series EO G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.81 million | 2019 | Serial | 3% | 108.125 | 1.21%
|
| $16,685,000 | 2019 | Serial | 5% | 117.203 | 1.21%
|
| $9.51 million | 2020 | Serial | 4% | 112.986 | 1.60%
|
| $16.11 million | 2020 | Serial | 5% | 118.398 | 1.60%
|
| $3.74 million | 2021 | Serial | 3% | 107.001 | 1.88%
|
| $23.11 million | 2021 | Serial | 5% | 119.506 | 1.88%
|
| $5,255,000 | 2022 | Serial | 4% | 113.262 | 2.12%
|
| $22,905,000 | 2022 | Serial | 5% | 120.317 | 2.12%
|
| $2,095,000 | 2023 | Serial | 3% | 105.318 | 2.32%
|
| $27.46 million | 2023 | Serial | 5% | 120.964 | 2.32%
|
| $5,305,000 | 2024 | Serial | 4% | 113.656 | 2.41%
|
| $25.72 million | 2024 | Serial | 5% | 122.246 | 2.41%
|
| $730,000 | 2025 | Serial | 3% | 102.883 | 2.66%
|
| $31.85 million | 2025 | Serial | 5% | 120.901 | 2.55%
|
| $440,000 | 2026 | Serial | 4% | 110.47 | 2.76%
|
| $33.8 million | 2026 | Serial | 5% | 119.856 | 2.66%
|
| $2.13 million | 2027 | Serial | 3% | 99.683 | 3.03%
|
| $33,845,000 | 2027 | Serial | 5% | 119.197 | 2.73%
|
| $37,795,000 | 2028 | Serial | 5% | 118.542 | 2.80%
|
| $2.02 million | 2029 | Serial | 3.25% | 99.418 | 3.30%
|
| $37,695,000 | 2029 | Serial | 5% | 117.892 | 2.87%
|
| $41,735,000 | 2030 | Serial | 5% | 117.43 | 2.92%
|
| $23.75 million | 2031 | Serial | 4% | 105.757 | 3.30%
|
| $20 million | 2031 | Serial | 5% | 116.97 | 2.97%
|
| $25.74 million | 2032 | Serial | 4% | 105.333 | 3.35%
|
| $20 million | 2032 | Serial | 5% | 116.512 | 3.02%
|
| $27,815,000 | 2033 | Serial | 4% | 104.911 | 3.40%
|
| $20 million | 2033 | Serial | 5% | 116.238 | 3.05%
|
| $7.89 million | 2034 | Serial | 3.5% | 99.292 | 3.55%
|
| $22.06 million | 2034 | Serial | 4% | 104.658 | 3.43%
|
| $20 million | 2034 | Serial | 5% | 115.966 | 3.08%
|
|
|
| $209,015,000 series EP refunding G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $21.79 million | 2019 | Serial | 5% | 117.203 | 1.21%
|
| $22,905,000 | 2020 | Serial | 5% | 118.398 | 1.60%
|
| $24.08 million | 2021 | Serial | 5% | 119.506 | 1.88%
|
| $25,315,000 | 2022 | Serial | 5% | 120.317 | 2.12%
|
| $26,615,000 | 2023 | Serial | 5% | 120.964 | 2.32%
|
| $27.98 million | 2024 | Serial | 5% | 122.246 | 2.41%
|
| $29.41 million | 2025 | Serial | 5% | 120.901 | 2.55%
|
| $30.92 million | 2026 | Serial | 5% | 119.856 | 2.66%
|
|
|
| $25 million series EQ taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.23 million | 2019 | Serial | 2.035% | 100 | 2.035%
|
| $1.26 million | 2020 | Serial | 2.368% | 100 | 2.368%
|
| $1.29 million | 2021 | Serial | 2.648% | 100 | 2.648%
|
| $1,325,000 | 2022 | Serial | 2.787% | 100 | 2.787%
|
| $1,365,000 | 2023 | Serial | 2.957% | 100 | 2.957%
|
| $1,405,000 | 2024 | Serial | 3.107% | 100 | 3.107%
|
| $1.45 million | 2025 | Serial | 3.257% | 100 | 3.257%
|
| $1.5 million | 2026 | Serial | 3.357% | 100 | 3.357%
|
| $1,555,000 | 2027 | Serial | 3.507% | 100 | 3.507%
|
| $1.61 million | 2028 | Serial | 3.537% | 100 | 3.537%
|
| $1,665,000 | 2029 | Serial | 3.637% | 100 | 3.637%
|
| $1.73 million | 2030 | Serial | 3.715% | 100 | 3.715%
|
| $1,795,000 | 2031 | Serial | 3.765% | 100 | 3.765%
|
| $1,865,000 | 2032 | Serial | 3.815% | 100 | 3.815%
|
| $1.94 million | 2033 | Serial | 3.865% | 100 | 3.865%
|
| $2,015,000 | 2034 | Serial | 3.915% | 100 | 3.915%
|
|
|
| $5.88 million series ER taxable refunding G.O. bonds
|
| Amount: | Maturity | Type | Coupon | Price | Yield
|
| $5.88 million | Aug. 1, 2015 | Term | 0.18% | 100 | 0.18%
|
|
|
| $193.88 million series ES taxable refunding G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $96,465,000 | 2016 | Serial | 0.731% | 100 | 0.731%
|
| $97,415,000 | 2017 | Serial | 1.231% | 100 | 1.231%
|
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