By Sheri Kasprzak
New York, July 15 - The state of Iowa released details on its $602.375 million sale of series 2009 I-Jobs Program special obligation bonds Wednesday.
The bonds (Aa3/AA/), which priced Tuesday, were sold through lead manager Barclays Capital Inc.
The sale includes $387.445 million in series 2009A tax-exempt bonds and $214.93 million in series 2009B Build America Bonds.
The 2009A bonds are due 2011 to 2029 and the 2009B bonds are due 2034. The 2009A bonds have coupons from 3% to 5% and yields from 1.2% to 4.64%. The 2009B bonds have a 6.75% coupon to yield 6.798%.
Proceeds will be used to fund the I-Jobs Program, which invests in the state's infrastructure.
| Issuer: | Iowa
|
| Issue: | Series 2009 I-Jobs Program special obligation bonds
|
| Amount: | $602.375 million
|
| Type: | Negotiated
|
| Underwriter: | Barclays Capital Inc.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Pricing date: | July 14
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 5% | 1.20%
|
| 2011 | Serial | 5% | 1.20%
|
| 2012 | Serial | 5% | 1.48%
|
| 2012 | Serial | 3% | 1.48%
|
| 2013 | Serial | 5% | 1.93%
|
| 2013 | Serial | 4% | 1.93%
|
| 2014 | Serial | 5% | 2.40%
|
| 2014 | Serial | 4% | 2.40%
|
| 2015 | Serial | 5% | 2.67%
|
| 2016 | Serial | 5% | 2.93%
|
| 2016 | Serial | 3% | 2.93%
|
| 2017 | Serial | 5% | 3.20%
|
| 2018 | Serial | 5% | 3.40%
|
| 2019 | Serial | 5% | 3.57%
|
| 2019 | Serial | 4% | 3.57%
|
| 2020 | Serial | 5% | 3.72%
|
| 2021 | Serial | 5% | 3.87%
|
| 2022 | Serial | 5% | 4.01%
|
| 2023 | Serial | 5% | 4.13%
|
| 2024 | Serial | 5% | 4.23%
|
| 2024 | Serial | 4.25% | 4.25%
|
| 2025 | Serial | 5% | 4.33%
|
| 2026 | Serial | 5% | 4.44%
|
| 2027 | Serial | 5% | 4.44%
|
| 2028 | Serial | 5% | 4.51%
|
| 2029 | Serial | 4.625% | 4.64%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2034 | Term | 6.75% | 6.798%
|
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