Hawaii prepares $850.55 million offering of general obligation bonds

By Sheri Kasprzak

New York, March 7 – The State of Hawaii is set to price $850.55 million of series 2016 general obligation bonds on March 15, according to a preliminary official statement.

The deal includes $500 million of series 2016FB bonds, $25 million of series 2016FC taxable G.O. bonds, $6 million of series 2016FD refunding G.O. bonds, $182,385,000 of series 2016FE refunding G.O. bonds and $137,165,000 of series 2016FF refunding G.O. bonds.

The 2016FB and 2016FC bonds will be sold competitively with First Southwest Co. as the financial adviser. The 2016FD, 2016FE and 2016FF bonds will be sold on a negotiated basis with BofA Merrill Lynch and Goldman, Sachs & Co. as the senior managers.

The 2016FB bonds are due 2019 to 2036 and the 2016FC bonds are due 2017 to 2021. The 2016FD bonds are due in 2016 and the 2016FE bonds are due 2019 to 2028. The 2016FF bonds are due 2019 to 2028.

Proceeds will be used to finance capital expenditures for the state and to refund its series 2008DK, 2008DN, 2009DQ and 2011DZ bonds.

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