Published on 6/9/2015 in the Prospect News Municipals Daily.
New Issue: Maine brings $102.56 million of general obligation bonds competitively
By Sheri Kasprzak
New York, June 9 – The State of Maine sold $102,555,000 of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $14.2 million of series 2015A taxable bonds and $88,355,000 of series 2015B tax-exempt bonds.
The 2015A bonds are due 2016 to 2017 with 0.85% to 1.25% coupons and yields from 0.35% to 0.85%.
The 2015B bonds are due 2017 to 2025 with 3% to 5% coupons and 0.69% to 2.47% yields.
The bonds (Aa2/AA/) were sold competitively. Morgan Stanley & Co. LLC won the bid for the 2015A bonds at a 0.69988% true interest cost. Barclays took the series 2015B bonds at a 2.010105% true interest cost.
Proceeds will be used to pay at maturity bond anticipation notes due June 30, 2015.
| Issuer: | State of Maine
|
| Issue: | Series 2015 general obligation bonds
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| Amount: | $102,555,000
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| Type: | Competitive
|
| Underwriters: | Morgan Stanley & Co. LLC (for 2015A), Barclays (for 2015B)
|
| True interest cost: | 0.69988% (for 2015A), 2.010105% (for 2015B)
|
| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA
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| Pricing date: | June 9
|
| Settlement date: | June 25
|
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| $14.2 million series 2015A taxable bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10.26 million | 2016 | Serial | 1.25% | 100.837 | 0.35%
|
| $3.94 million | 2017 | Serial | 0.85% | 100 | 0.85%
|
|
|
| $88,355,000 series 2015B tax-exempt bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,315,000 | 2017 | Serial | 5% | 108.262 | 0.69%
|
| $10,255,000 | 2018 | Serial | 5% | 111.226 | 1.10%
|
| $10,255,000 | 2019 | Serial | 5% | 113.894 | 1.36%
|
| $10,255,000 | 2020 | Serial | 5% | 116.065 | 1.60%
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| $10,255,000 | 2021 | Serial | 5% | 117.499 | 1.87%
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| $10,255,000 | 2022 | Serial | 5% | 118.974 | 2.05%
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| $10,255,000 | 2023 | Serial | 5% | 120.44 | 2.18%
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| $10,255,000 | 2024 | Serial | 3% | 105.126 | 2.36%
|
| $10,255,000 | 2025 | Serial | 3% | 104.642 | 2.47%
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