Published on 6/12/2014 in the Prospect News Municipals Daily.
New Issue: State of Maine brings to market $112.95 million general obligation debt
By Sheri Kasprzak
New York, June 12 – The State of Maine priced $112,945,000 of series 2014 general obligation bonds, according to a pricing sheet.
The deal included $40,045,000 of series 2014A taxable bonds and $72.9 million of series 2014B bonds.
The 2014A bonds are due 2015 to 2018 with 0.2% to 1.55% coupons and 0.20% to 1.46% yields.
The 2014B bonds are due 2018 to 2024 with 5% coupons and 1.01% to 2.39% yields.
The bonds (Aa2/AA/) were sold competitively. J.P. Morgan Securities LLC won the bid for the series 2014A bonds at a 0.925% true interest cost and Raymond James/Morgan Keegan won the bid for the series 2014B bonds at a 2.019% TIC.
Proceeds will be used to finance capital expenditures within the state, as well as to repay bond anticipation notes.
| Issuer: | State of Maine
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $112,945,000
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (winner for 2014A), Raymond James/Morgan Keegan (winner for 2014B)
|
| TIC: | 0.925% (for 2014A), 2.019% (for 2014B)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | June 12
|
| Settlement date: | June 24
|
|
|
| $40,045,000 series 2014A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,295,000 | 2015 | Serial | 0.2% | 100 | 0.20%
|
| $11,295,000 | 2016 | Serial | 0.55% | 100.096 | 0.55%
|
| $11,295,000 | 2017 | Serial | 1.15% | 100.259 | 1.06%
|
| $6.16 million | 2018 | Serial | 1.55% | 100.342 | 1.46%
|
|
|
| $72.9 million series 2014B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,135,000 | 2018 | Serial | 5% | 115.358 | 1.01%
|
| $11,295,000 | 2019 | Serial | 5% | 117.424 | 1.34%
|
| $11,295,000 | 2020 | Serial | 5% | 119.117 | 1.61%
|
| $11,295,000 | 2021 | Serial | 5% | 120.271 | 1.87%
|
| $11,295,000 | 2022 | Serial | 5% | 121.258 | 2.08%
|
| $11,295,000 | 2023 | Serial | 5% | 121.966 | 2.27%
|
| $11.29 million | 2024 | Serial | 5% | 122.96 | 2.39%
|
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