Published on 7/24/2012 in the Prospect News Municipals Daily.
New Issue: Mississippi brings $201.42 million of G.O. refunding bonds for Nissan
By Sheri Kasprzak
New York, July 24 - The State of Mississippi came to market with $201.42 million of series 2012 general obligation refunding bonds for Nissan North America, Inc., said a pricing sheet.
The offering included $57.12 million of series 2012A taxable bonds, $43,715,000 series 2012B tax-exempt bonds and $100,585,000 of series 2012C variable-rate G.O. refunding bonds.
The 2012A bonds are due 2015 to 2022 with 0.784% to 2.414% coupons, all priced at par. The 2012B bonds are due 2015 to 2023 with coupons from 1.5% to 5%. The 2012C bonds are due Nov. 1, 2017, and bear interest at the weekly rate.
Morgan Stanley & Co. LLC was the senior manager for the 2012A and 2012B bonds with Bank of America Merrill Lynch, RBC Capital Markets LLC, Crews & Associates Inc. and Stephens Inc. as the co-managers. Morgan Stanley & Co. LLC was the sole underwriter for the 2012C bonds.
Proceeds will be used to convert the 2003A-B Nissan bonds from a weekly interest rate to a fixed interest rate through a current refunding of the bonds.
| Issuer: | State of Mississippi/Nissan North America, Inc.
|
| Issue: | Series 2012 general obligation refunding bonds
|
| Amount: | $201.42 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead for 2012A-B, sole for 2012C); Bank of America Merrill Lynch, RBC Capital Markets LLC, Crews & Associates Inc. and Stephens Inc. Morgan Stanley & Co. LLC (co-managers for 2012A-B)
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 1
|
|
|
| $57.12 million series 2012A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,825,000 | 2015 | Serial | 0.784% | 100
|
| $6,975,000 | 2016 | Serial | 1.151% | 100
|
| $6.73 million | 2017 | Serial | 1.351% | 100
|
| $7,415,000 | 2018 | Serial | 1.6% | 100
|
| $7.22 million | 2019 | Serial | 1.8% | 100
|
| $7.29 million | 2020 | Serial | 2.184% | 100
|
| $7.49 million | 2021 | Serial | 2.314% | 100
|
| $7,175,000 | 2022 | Serial | 2.414% | 100
|
|
|
| $43,715,000 series 2012B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $275,000 | 2015 | Serial | 2% | 104.531
|
| $3.9 million | 2015 | Serial | 5% | 114.174
|
| $1 million | 2016 | Serial | 2% | 105.218
|
| $3,405,000 | 2016 | Serial | 5% | 117.743
|
| $1 million | 2017 | Serial | 1.5% | 102.965
|
| $1 million | 2017 | Serial | 3% | 110.635
|
| $2,455,000 | 2017 | Serial | 5% | 120.862
|
| $150,000 | 2018 | Serial | 3% | 111.061
|
| $4,555,000 | 2018 | Serial | 5% | 123.084
|
| $750,000 | 2019 | Serial | 3% | 110.847
|
| $4,055,000 | 2019 | Serial | 5% | 124.578
|
| $790,000 | 2020 | Serial | 3% | 110.452
|
| $4,265,000 | 2020 | Serial | 5% | 125.825
|
| $1.5 million | 2021 | Serial | 4% | 118.386
|
| $3,705,000 | 2021 | Serial | 5% | 126.859
|
| $550,000 | 2022 | Serial | 4% | 118.959
|
| $4,805,000 | 2022 | Serial | 5% | 128.209
|
| $1.5 million | 2023 | Serial | 4% | 117.942
|
| $4,055,000 | 2023 | Serial | 5% | 127.143
|
|
|
| $100,585,000 series 2012C variable-rate G.O. refunding bonds
|
| Maturity | Type | Coupon | Price
|
| Nov. 1, 2017 | Term | Weekly | 100
|
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