By Sheri Kasprzak
New York, Feb. 16 - The State of New Mexico priced two tranches of severance tax bonds on Tuesday, said a sellside source familiar with the offerings.
The deal included $132.3 million in series 2010A severance tax bonds (Aa2/AA-/) and $100 million in supplemental severance tax bonds (Aa3/AA-/).
Both tranches were sold competitively.
Bank of America Merrill Lynch took the 2010A bonds with a 2.38% true interest cost. The 2010A bonds are due 2011 to 2020 with 3% to 5% coupons and yields from 2.45% to 3.07%.
Wells Fargo Securities Inc. took the 2010B bonds, which are due 2011 to 2020. The coupons range from 4% to 5% and yields ranged from 0.45% to 3.12%.
Proceeds will be used to fund capital projects.
| Issuer: | State of New Mexico
|
| Issue: | Series 2010A-B severance tax bonds
|
| Amount: | $232.3 million
|
| Type: | Competitive
|
| Underwriters: | Bank of America Merrill Lynch (winner for 2010A); Wells Fargo Securities Inc. (winner for 2010B)
|
| True interest cost: | 2.38% (for 2010A)
|
| Ratings: | Moody's: Aa2 (for 2010A); Aa3 (for 2010B)
|
| Standard & Poor's: AA-
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 24
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 103.262
|
| 2012 | Serial | 4% | 107.228
|
| 2013 | Serial | 4% | 109.354
|
| 2014 | Serial | 4% | 110.824
|
| 2015 | Serial | 5% | 116.015
|
| 2016 | Serial | 5% | 116.247
|
| 2017 | Serial | 5% | 116.882
|
| 2018 | Serial | 5% | 116.778
|
| 2019 | Serial | 5% | 116.78
|
| 2020 | Serial | 5% | 116.884
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 5% | 105.752
|
| 2012 | Serial | 5% | 109.307
|
| 2013 | Serial | 5% | 112.523
|
| 2014 | Serial | 5% | 114.956
|
| 2015 | Serial | 5% | 116.234
|
| 2016 | Serial | 5% | 116.374
|
| 2017 | Serial | 5% | 116.52
|
| 2018 | Serial | 5% | 116.376
|
| 2019 | Serial | 5% | 116.339
|
| 2020 | Serial | 4% | 107.667
|
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