By Cristal Cody
Tupelo, Miss., Aug. 7 - Minnesota priced $658.5 million of series 2012 general obligation state bonds in three tranches through competitive sales on Tuesday, a source close to the sale said.
J.P. Morgan Securities LLC was the winning bidder of the tranche of $422 million of series 2012A G.O. state various purpose G.O. bonds due 2013 to 2032. The true interest cost was 2.052118%.
Wells Fargo Securities LLC placed the winning bid for the second tranche of $234 million of series 2012B state trunk highway G.O. bonds due 2013 to 2032. The TIC was 2.380007%.
Piper Jaffray & Co. was the winning bidder of the remaining tranche of $2.5 million of series 2012C taxable state G.O. bonds due Aug. 1, 2017. The TIC was 1.025817%.
Additional pricing terms were not immediately available.
Public Resources Advisory Group LLC was the financial adviser.
Proceeds will be used to finance all or a portion of the cost of certain programs and capital projects, including educational facilities, parks, pollution control facilities, transportation, natural resources and agricultural enterprises, as well as the construction, improvement and maintenance of state trunk highway system projects and agricultural projects of the state's Rural Finance Authority.
| Issuer: | Minnesota
|
| Securities: | General obligation state bonds
|
| Amount: | $658.5 million
|
| Type: | Competitive
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 16
|
|
|
| Series 2012A
|
| Securities: | State various purpose G.O. bonds
|
| Amount: | $422 million
|
| Maturity: | 2013-2032
|
| TIC: | 2.052118%
|
| Underwriter: | J.P. Morgan Securities LLC
|
|
|
| Series 2012B
|
| Securities: | State trunk highway G.O. bonds
|
| Amount: | $234 million
|
| Maturity: | 2013-2032
|
| TIC: | 2.380007%
|
| Underwriter: | Wells Fargo Securities LLC
|
|
|
| Series 2012C
|
| Securities: | Taxable state G.O. bonds
|
| Amount: | $2.5 million
|
| Maturity: | Aug. 1, 2017
|
| TIC: | 1.025817%
|
| Underwriter: | Piper Jaffray & Co.
|
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