Published on 4/7/2016 in the Prospect News Municipals Daily.
New Issue: Hawaii hits market with $344.72 million of refunding G.O. bonds
By Sheri Kasprzak
New York, April 7 – The State of Hawaii sold $344.72 million of series 2016F refunding general obligation bonds, according to a pricing sheet.
The deal included $5.3 million of series 2016FD bonds, $219.69 million of series 2016FE bonds and $119.73 million of series 2016FF taxable bonds.
The 2016FD bonds are due June 1, 2016 and have a 5% coupon priced at 100.592 to yield 0.454%.
The 2016FE bonds are due 2019 to 2028 with 3% to 5% coupons and yields from 0.99% to 2.11%.
The 2016FF bonds are due 2019 to 2028 with 1.309% to 2.902% coupons all priced at par.
The bonds (Aa2/AA/AA) were sold through senior managers BofA Merrill Lynch and Goldman, Sachs & Co.
Proceeds will be used to refund the state’s series 2008DK, series 2008DN, 2009DQ and 2011DZ general obligation bonds.
| Issuer: | State of Hawaii
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| Issue: | Series 2016F refunding general obligation bonds
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| Amount: | $344.72 million
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch and Goldman, Sachs & Co.
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| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA
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| Fitch: AA
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| Pricing date: | April 1
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| Settlement date: | April 14
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| $5.3 million series 2016FD refunding G.O. bonds
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| Maturity | Type | Coupon | Price | Yield
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| June 1, 2016 | Term | 5% | 100.592 | 0.454%
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| $219.69 million series 2016FE refunding G.O. bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $17.4 million | 2019 | Serial | 5% | 113.621 | 0.99%
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| $450,000 | 2020 | Serial | 4% | 112.412 | 1.14%
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| $17.84 million | 2020 | Serial | 5% | 116.752 | 1.14%
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| $1.87 million | 2021 | Serial | 3% | 109.048 | 1.28%
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| $17.34 million | 2021 | Serial | 5% | 119.57 | 1.28%
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| $20,175,000 | 2022 | Serial | 5% | 121.897 | 1.44%
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| $1.48 million | 2023 | Serial | 4% | 117.051 | 1.57%
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| $19.72 million | 2023 | Serial | 5% | 124.068 | 1.57%
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| $22.28 million | 2024 | Serial | 5% | 125.642 | 1.73%
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| $225,000 | 2025 | Serial | 3% | 110.032 | 1.84%
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| $23,195,000 | 2025 | Serial | 5% | 127.331 | 1.84%
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| $24.62 million | 2026 | Serial | 5% | 128.524 | 1.97%
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| $25,885,000 | 2027 | Serial | 5% | 127.546 | 2.06%
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| $200,000 | 2028 | Serial | 4% | 117.661 | 2.11%
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| $27.01 million | 2028 | Serial | 5% | 127.006 | 2.11%
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| $119.73 million series 2016FF taxable refunding G.O. bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $10,905,000 | 2019 | Serial | 1.309% | 100 | 1.309%
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| $11.06 million | 2020 | Serial | 1.505% | 100 | 1.505%
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| $11,255,000 | 2021 | Serial | 1.934% | 100 | 1.934%
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| $11.48 million | 2022 | Serial | 2.074% | 100 | 2.074%
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| $11.73 million | 2023 | Serial | 2.255% | 100 | 2.255%
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| $12.01 million | 2024 | Serial | 2.402% | 100 | 2.402%
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| $12.31 million | 2025 | Serial | 2.552% | 100 | 2.552%
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| $12,635,000 | 2026 | Serial | 2.652% | 100 | 2.652%
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| $12,985,000 | 2027 | Serial | 2.802% | 100 | 2.802%
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| $13.36 million | 2028 | Serial | 2.902% | 100 | 2.902%
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