Published on 10/16/2015 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Hawaii hits market with $747.69 million of general obligation bonds
By Sheri Kasprzak
New York, Oct. 16 – The State of Hawaii priced $747,685,000 of series 2015E-F general obligation bonds, according to a pricing sheet.
The bonds (Aa2) were sold through senior managers BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The deal included $190 million of series 2015ET bonds, $35 million of series 2015EU green bonds, $8.7 million of series 2015EV bonds, $34.75 million of series 2015EW refunding bonds, $23,645,000 of series 2015EX refunding bonds, $213,615,000 of series 2015EY refunding bonds, $216,975,000 of series 2015EZ refunding bonds and $25 million of series 2015FA taxable bonds.
The 2015ET bonds are due 2018 to 2035 with 2% to 5% coupons.
The 2015EU bonds are due 2018 to 2035 with 2% to 3.5% coupons.
The 2015EV bonds are due April 1, 2016 with a 2% coupon priced at 100.801.
The 2015EW refunding bonds are due Oct. 1, 2018 and have a 5% coupon priced at 111.952.
The 2015EX refunding bonds are due 2019 to 2025 with coupons from 2% to 4%.
The 2015EY refunding bonds are due 2020 to 2027 with 5% coupons.
The 2015EZ bonds are due 2019 to 2028 with 5% coupons.
The 2015FA bonds are due 2018 to 2035 with coupons from 1.33% to 4.40% with 1.33% to 4.40% yields.
Proceeds will be used to finance capital expenditures and refund the state’s series DF-DZ general obligation bonds.
| Issuer: | State of Hawaii
|
| Issue: | Series 2015E-F general obligation bonds
|
| Amount: | $747,685,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Goldman, Sachs & Co. and RBC Capital Markets LLC (co-managers)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | Oct. 15
|
| Settlement date: | Oct. 29
|
|
|
| $190 million series 2015ET bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.8 million | 2018 | Serial | 4% | 109.072
|
| $7,115,000 | 2019 | Serial | 5% | 115.097
|
| $7.48 million | 2020 | Serial | 2% | 103.182
|
| $7,865,000 | 2021 | Seral | 4% | 113.69
|
| $8.27 million | 2022 | Serial | 4% | 114.397
|
| $8.69 million | 2023 | Serial | 3% | 107.292
|
| $9,135,000 | 2024 | Serial | 5% | 122.933
|
| $9,605,000 | 2025 | Serial | 5% | 123.929
|
| $10.1 million | 2026 | Serial | 4% | 113.493
|
| $10,615,000 | 2027 | Serial | 4% | 111.155
|
| $5 million | 2028 | Serial | 3% | 100
|
| $6.16 million | 2028 | Serial | 5% | 120.577
|
| $11,735,000 | 2029 | Serial | 3% | 98.208
|
| $12,335,000 | 2030 | Serial | 5% | 119.228
|
| $12.87 million | 2031 | Serial | 5% | 118.56
|
| $13,325,000 | 2032 | Serial | 3.25% | 97.954
|
| $13.8 million | 2033 | Serial | 4% | 105.533
|
| $14,295,000 | 2034 | Serial | 4% | 105.015
|
| $14,805,000 | 2035 | Serial | 4% | 104.5
|
|
|
| $35 million series 2015EU green bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,255,000 | 2018 | Serial | 2% | 103.341
|
| $1.31 million | 2019 | Serial | 3% | 107.433
|
| $1.38 million | 2020 | Serial | 2% | 103.182
|
| $1.45 million | 2021 | Serial | 3% | 108.233
|
| $1,525,000 | 2022 | Serial | 2% | 101.492
|
| $1.6 million | 2023 | Serial | 3% | 107.368
|
| $1,685,000 | 2024 | Serial | 2% | 98.868
|
| $1.77 million | 2025 | Serial | 3% | 106.36
|
| $1.86 million | 2026 | Serial | 2.5% | 100
|
| $1,955,000 | 2027 | Serial | 3% | 101.982
|
| $2,055,000 | 2028 | Serial | 3% | 100
|
| $2.16 million | 2029 | Serial | 3% | 98.208
|
| $2.27 million | 2030 | Serial | 3.125% | 98.065
|
| $2.37 million | 2031 | Serial | 3.25% | 98.529
|
| $2,455,000 | 2032 | Serial | 3.25% | 97.954
|
| $2.54 million | 2033 | Serial | 3.25% | 97.472
|
| $2,635,000 | 2034 | Serial | 3.375% | 98.279
|
| $2,725,000 | 2035 | Serial | 3.5% | 99.288
|
|
|
| $8.7 million series 2015EV bonds
|
| Maturity | Type | Coupon | Price
|
| April 1, 2016 | Term | 2% | 100.801
|
|
|
| $34.75 million series 2015EW refunding bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2018 | Term | 5% | 111.952
|
|
|
| $23,645,000 series 2015EX refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,895,000 | 2019 | Serial | 4% | 111.265
|
| $3.04 million | 2020 | Serial | 4% | 112.68
|
| $3,195,000 | 2021 | Serial | 2% | 102.422
|
| $3.36 million | 2022 | Serial | 3% | 107.912
|
| $3,535,000 | 2023 | Serial | 3% | 107.292
|
| $3,715,000 | 2024 | Serial | 3% | 106.783
|
| $3,905,000 | 2025 | Serial | 3% | 106.269
|
|
|
| $213,615,000 series 2015EY refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $22.27 million | 2020 | Serial | 5% | 117.429
|
| $23.41 million | 2021 | Serial | 5% | 119.324
|
| $24.61 million | 2022 | Serial | 5% | 120.882
|
| $25.87 million | 2023 | Serial | 5% | 121.877
|
| $27.2 million | 2024 | Serial | 5% | 122.933
|
| $28,595,000 | 2025 | Serial | 5% | 123.929
|
| $30.06 million | 2026 | Serial | 5% | 122.733
|
| $31.6 million | 2027 | Serial | 5% | 121.65
|
|
|
| $216,975,000 series 2015EZ refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,145,000 | 2019 | Serial | 5% | 115.097
|
| $18,025,000 | 2020 | Serial | 5% | 117.429
|
| $18.95 million | 2021 | Serial | 5% | 119.324
|
| $19,925,000 | 2022 | Serial | 5% | 120.882
|
| $20,945,000 | 2023 | Serial | 5% | 121.877
|
| $22.02 million | 2024 | Serial | 5% | 122.933
|
| $23.15 million | 2025 | Serial | 5% | 123.929
|
| $24,335,000 | 2026 | Serial | 5% | 122.733
|
| $25,585,000 | 2027 | Serial | 5% | 121.65
|
| $26,895,000 | 2028 | Serial | 5% | 120.577
|
|
|
| $25 million series 2015FA taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.09 million | 2018 | Serial | 1.33% | 100
|
| $1,105,000 | 2019 | Serial | 3% | 105.028
|
| $1.13 million | 2020 | Serial | 1.95% | 100
|
| $1.15 million | 2021 | Serial | 2.27% | 100
|
| $1.18 million | 2022 | Serial | 2.53% | 100
|
| $1.21 million | 2023 | Serial | 2.68% | 100
|
| $1.24 million | 2024 | Serial | 4% | 109.002
|
| $1.28 million | 2025 | Serial | 3.05% | 100
|
| $1.32 million | 2026 | Serial | 3.15% | 100
|
| $1.36 million | 2027 | Serial | 3.35% | 100
|
| $1.41 million | 2028 | Serial | 3.5% | 100
|
| $1.46 million | 2029 | Serial | 3.65% | 100
|
| $1,515,000 | 2030 | Serial | 3.75% | 100
|
| $1,575,000 | 2031 | Serial | 3.95% | 100
|
| $1.64 million | 2032 | Serial | 4.05% | 100
|
| $1,705,000 | 2033 | Seral | 4.18% | 100
|
| $1,775,000 | 2034 | Serial | 4.30% | 100
|
| $1,855,000 | 2035 | Serial | 4.40% | 100
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
