New Issue: Minnesota sells $478.35 million of general obligation bonds

By Sheri Kasprzak

New York, Aug. 8 - The State of Minnesota sold $478.35 million of series 2013 general obligation bonds, according to a pricing sheet.

The deal included $273.35 million of series 2013A various purpose bonds, $200 million of series 2013B state trunk highway bonds and $5 million of series 2013C taxable state bonds.

The 2013A bonds are due 2014 to 2033 with 4% to 5% coupons and 0.18% to 4.38% yields. The 2013B bonds are due 2014 to 2033 with 4% to 5% coupons with 0.18% to 4.35% yields. The 2013C bonds are due Aug. 1, 2018 and have a 2.5% coupon priced at 103.067 to yield 1.85%.

The bonds (Aa1/AA+/AA+) were sold competitively, but the issuer did not return calls for the winning bidder Thursday.

Proceeds will be used to finance capital projects and state highway construction and to develop the state's agricultural resources by financing Rural Finance Authority programs.

Issuer:	State of Minnesota
Issue:	Series 2013 general obligation state bonds
Amount:	$478.35 million
Type:	Competitive
Ratings:	Moody's: Aa1
	Standard & Poor's: AA+
	Fitch: AA+
Pricing date:	Aug. 1
Settlement date:	Aug. 7
$273.35 million series 2013A various purpose bonds
Amount	Maturity	Type	Coupon	Price	Yield
$13.67 million	2014	Serial	5%	104.626	0.18%
$13.67 million	2015	Serial	5%	108.914	0.43%
$13.67 million	2016	Serial	5%	112.516	0.725
$13.67 million	2017	Serial	5%	115.454	1.01%
$13.67 million	2018	Serial	5%	117.667	1.31%
$13.67 million	2019	Serial	5%	119.131	1.62%
$13.67 million	2020	Serial	5%	119.26	2.02%
$13.67 million	2021	Serial	5%	119.137	2.35%
$13.67 million	2022	Serial	5%	118.985	2.61%
$13.67 million	2023	Serial	5%	119.295	2.77%
$13,665,000	2024	Serial	5%	117.675	2.94%
$13,665,000	2025	Serial	5%	115.988	3.12%
$13,665,000	2026	Serial	5%	114.331	3.30%
$13,665,000	2027	Serial	4%	102.311	3.72%
$13,665,000	2028	Serial	4%	101.147	3.86%
$13,665,000	2029	Serial	4%	99.647	4.03%
$13,665,000	2030	Serial	4%	98.664	4.11%
$13,665,000	2031	Serial	4.125%	98.315	4.26%
$13,665,000	2032	Serial	4.25%	99.098	4.32%
$13,665,000	2033	Serial	4.25%	98.28	4.38%
$200 million series 2013B state trunk highway bonds
Amount	Maturity	Type	Coupon	Price	Yield
$10 million	2014	Serial	5%	104.626	0.18%
$10 million	2015	Serial	5%	108.914	0.43%
$10 million	2016	Serial	5%	112.516	0.72%
$10 million	2017	Serial	5%	115.454	1.01%
$10 million	2018	Serial	5%	117.667	1.31%
$10 million	2019	Serial	5%	119.131	1.62%
$10 million	2020	Serial	5%	119.26	2.02%
$10 million	2021	Serial	5%	119.137	2.35%
$10 million	2022	Serial	5%	118.985	2.61%
$10 million	2023	Serial	5%	119.295	2.77%
$10 million	2024	Serial	5%	117.675	2.94%
$10 million	2025	Serial	5%	115.988	3.12%
$10 million	2026	Serial	5%	114.331	3.30%
$10 million	2027	Serial	4%	102.311	3.72%
$10 million	2028	Serial	4%	101.147	3.86%
$10 million	2029	Serial	4%	99.066	4.08%
$10 million	2030	Serial	4%	98.065	4.16%
$10 million	2031	Serial	4.125%	98.686	4.23%
$10 million	2032	Serial	4.25%	99.482	4.29%
$10 million	2033	Serial	4.25%	98.673	4.35%
$5 million series 2013C taxable bonds
Maturity	Type	Coupon	Price	Yield
Aug. 1, 2018	Term	2.5%	103.067	1.85%

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