By Sheri Kasprzak
New York, Nov. 6 – The State of Hawaii sold $244.26 million of series 2015 airport system revenue bonds, according to a pricing sheet.
The deal included $235,135,000 of series 2015A AMT bonds and $9,125,000 of series 2015B non-AMT bonds.
The 2015A bonds are due 2041 and 2045. The 2041 bonds have a 5% coupon priced at 109.167 to yield 3.85%. The 2045 bonds have a 4.125% coupon priced at 98.731 to yield 4.2% and a 5% coupon priced at 108.581 to yield 3.92%.
The 2015B bonds are due in 2045 and have a 4% coupon priced at 99.651 to yield 4.02%.
The bonds (A1/A+/A) were sold through senior managers Morgan Stanley & Co. LLC, BofA Merrill Lynch and Barclays.
Proceeds will be used to finance capital improvements to the Honolulu International Airport, Kahului Airport, Hilo International Airport, Kona International Airport and Lihue Airport.
| Issuer: | State of Hawaii
|
| Issue: | Series 2015 airport system revenue bonds
|
| Amount: | $244.26 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC, BofA Merrill Lynch and Barclays (lead)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Fitch: A
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 18
|
|
|
| $235,135,000 series 2015A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $70,865,000 | 2041 | Term | 5% | 109.167 | 3.85%
|
| $1,685,000 | 2045 | Term | 4.125% | 98.731 | 4.20%
|
| $162,585,000 | 2045 | Term | 5% | 108.581 | 3.92%
|
|
|
| $9,125,000 series 2015B non-AMT bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| 2045 | Term | 4% | 99.651 | 4.02%
|
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