Published on 11/19/2015 in the Prospect News Municipals Daily.
New Issue: Mississippi brings to market $298.89 million general obligation bonds
By Sheri Kasprzak
New York, Nov. 19 – The State of Mississippi priced $298,895,000 of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $182,595,000 of series 2015F tax-exempt bonds and $116.3 million of series 2015G taxable bonds.
The bonds (Aa2/AA/AA+) were sold on a negotiated basis. J.P. Morgan Securities LLC was the senior manager for the 2015F bonds, and Piper Jaffray & Co. was the lead manager for the 2015G bonds.
The 2015F bonds are due 2026 to 2035 with 3% to 5% coupons and yields from 2.66% to 3.54%.
The 2015G bonds are due 2016 to 2025 with 0.997% to 3.5% coupons and yields from 0.83% to 3.159%.
Proceeds will be used to finance capital improvements to Jackson State University, Mississippi State University, University of Mississippi, University of Mississippi Medical Center and Alcorn State University, as well as junior and community colleges in the state.
Issuer: | State of Mississippi
|
Issue: | Series 2015 general obligation bonds
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Amount: | $298,895,000
|
Type: | Negotiated
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Underwriters: | J.P. Morgan Securities LLC (lead for 2015F), Piper Jaffray & Co. (lead for 2015G), Loop Capital Markets LLC and Duncan-Williams Inc. (co-managers for 2015F), Wells Fargo Securities LLC (co-manager for 2015G)
|
Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA
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| Fitch: AA+
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Pricing date: | Nov. 18
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Settlement date: | Dec. 8
|
|
$182,595,000 series 2015F tax-exempt bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$14.64 million | 2026 | Serial | 3% | 102.939 | 2.66%
|
$15.24 million | 2027 | Serial | 5% | 120.241 | 2.66%
|
$16,025,000 | 2028 | Serial | 5% | 119.472 | 2.74%
|
$16,845,000 | 2029 | Serial | 5% | 118.899 | 2.80%
|
$17.71 million | 2030 | Serial | 5% | 118.235 | 2.87%
|
$18,615,000 | 2031 | Serial | 5% | 117.669 | 2.93%
|
$19.57 million | 2032 | Serial | 5% | 117.294 | 2.97%
|
$20.47 million | 2033 | Serial | 4% | 104.661 | 3.44%
|
$21,305,000 | 2034 | Serial | 4% | 104.234 | 3.49%
|
$22,175,000 | 2035 | Serial | 4% | 103.809 | 3.54%
|
|
$116.3 million series 2015G taxable bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$10.56 million | 2016 | Serial | 3.5% | 102.381 | 0.83%
|
$10.8 million | 2017 | Serial | 0.997% | 100 | 0.997%
|
$10.94 million | 2018 | Serial | 1.433% | 100 | 1.433%
|
$11,125,000 | 2019 | Serial | 1.852% | 100 | 1.852%
|
$11,355,000 | 2020 | Serial | 2.102% | 100 | 2.102%
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$11,625,000 | 2021 | Serial | 2.47% | 100 | 2.47%
|
$11.93 million | 2022 | Serial | 2.67% | 100 | 2.67%
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$12,275,000 | 2023 | Serial | 2.859% | 100 | 2.859%
|
$12,645,000 | 2024 | Serial | 3.009% | 100 | 3.009%
|
$13,045,000 | 2025 | Serial | 3.159% | 100 | 3.159%
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