Published on 2/26/2014 in the Prospect News Municipals Daily.
New Issue: Nevada sells $86.02 million of motor vehicle fuel tax revenue bonds
By Sheri Kasprzak
New York, Feb. 26 - The State of Nevada sold $86.02 million of series 2014 motor vehicle fuel tax highway revenue bonds, according to a pricing sheet. The deal was downsized from $89,275,000.
The bonds (Aa2/AAA/AA+) were sold competitively with Wells Fargo Bank winning the bid at a 2.6% true interest cost, said Lori Chatwood, deputy treasurer with the Nevada Treasurer's Office.
The bonds are due 2015 to 2026 with 5% coupons and yields from 0.27% to 3.15%.
Proceeds will be used to finance highway improvements throughout the state.
| Issuer: | State of Nevada
|
| Issue: | Series 2014 motor vehicle fuel tax highway revenue bonds
|
| Amount: | $86.02 million
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Bank (winner)
|
| True interest cost: | 2.6%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,115,000 | 2015 | Serial | 5% | 108.016 | 0.27%
|
| $2,235,000 | 2016 | Serial | 5% | 112.34 | 0.40%
|
| $2.24 million | 2017 | Serial | 5% | 115.677 | 0.70%
|
| $2.26 million | 2018 | Serial | 5% | 118.066 | 1.05%
|
| $2.07 million | 2019 | Serial | 5% | 119.897 | 1.36%
|
| $1.17 million | 2020 | Serial | 5% | 120.109 | 1.80%
|
| $9,335,000 | 2021 | Serial | 5% | 120.437 | 2.11%
|
| $9.77 million | 2022 | Serial | 5% | 120.65 | 2.36%
|
| $21,085,000 | 2023 | Serial | 5% | 120.837 | 2.56%
|
| $11.36 million | 2024 | Serial | 5% | 120.581 | 2.68%
|
| $11.9 million | 2025 | Serial | 5% | 119.398 | 2.80%
|
| $10.48 million | 2026 | Serial | 3% | 98.437 | 3.15%
|
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