Published on 5/20/2014 in the Prospect News Municipals Daily.
New Issue: New Mexico brings $143.77 million of severance tax bonds competitively
By Sheri Kasprzak
New York, May 20 - The State of New Mexico priced $143.77 million of series 2014A severance tax bonds, according to a pricing sheet.
The bonds were sold competitively with J.P. Morgan Securities LLC winning the bid at a 2.35% true interest cost, said Stephanie Schardin Clarke, director of the state's board of finance.
The bonds are due 2015 to 2024 with 2% to 5% coupons and 0.15% to 1.63%.
Proceeds will be used to finance capital improvements approved by the state legislature.
| Issuer: | State of New Mexico
|
| Issue: | Series 2014A severance tax bonds
|
| Amount: | $143.77 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 2.35%
|
| Pricing date: | May 20
|
| Settlement date: | June 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4 million | 2015 | Serial | 2% | 101.883 | 0.15%
|
| $8.6 million | 2016 | Serial | 5% | 109.327 | 0.36%
|
| $11.39 million | 2017 | Serial | 5% | 112.889 | 0.68%
|
| $12,985,000 | 2018 | Serial | 5% | 115.72 | 1.00%
|
| $15.68 million | 2019 | Serial | 5% | 118.135 | 1.26%
|
| $16,375,000 | 2020 | Serial | 5% | 117.922 | 1.30%
|
| $17.27 million | 2021 | Serial | 5% | 117.39 | 1.40%
|
| $18,065,000 | 2022 | Serial | 5% | 116.861 | 1.50%
|
| $18,955,000 | 2023 | Serial | 5% | 116.335 | 1.60%
|
| $20.45 million | 2024 | Serial | 5% | 116.178 | 1.63%
|
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