Maine to price $58 million general obligation bonds to repay BANs

By Sheri Kasprzak

New York, May 19 - The State of Maine is set to sell $58 million in series 2010 general obligation bonds, according to a preliminary official statement.

The sale includes series 2010A federally taxable G.O.s, series 2010B Build America Bonds and series 2010C G.O. bonds. The exact breakdown of those tranches was not available Wednesday.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Wells Fargo Securities LLC as the senior manager. The co-managers are Citigroup Global Markets Inc., Bank of America Merrill Lynch and J.P. Morgan Securities Inc.

The 2010A bonds are due 2011 to 2012, and the 2010B bonds are due 2017 to 2020. The 2010C bonds are due 2012 to 2016.

Proceeds will be used to pay off outstanding bond anticipation notes, which are due June 15, 2010. The notes were issued to finance capital expenditures.

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