Published on 7/21/2015 in the Prospect News Municipals Daily.
New Issue: New Mexico sells downsized $198.94 million of severance tax bonds
By Sheri Kasprzak
New York, July 21 – The State of New Mexico priced $198.94 million of series 2015 severance tax bonds, according to a pricing sheet. The deal was downsized from $214.17 million.
The offering included $129,195,000 of series 2015A bonds and $69,745,000 of series 2015B supplemental bonds.
The 2015A bonds are due 2016 to 2025 with 5% coupons and yields from 0.25% to 2.44%. The 2015B bonds are due 2016 to 2025 with 5% coupons and yields from 0.3% to 2.54%.
The bonds were sold competitively. Barclays took both tranches. The true interest cost for the 2015A bonds was 2.04%, and the TIC for the 2015B bonds was 2.08%.
Proceeds will be used to finance capital improvement projects, including school facility projects, within the state.
| Issuer: | State of New Mexico
|
| Issue: | Series 2015 severance tax bonds
|
| Amount: | $198.94 million
|
| Type: | Competitive
|
| Underwriter: | Barclays (for both tranches)
|
| True interest cost: | 2.04% (for 2015A), 2.08% (for 2015B)
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 12
|
|
|
| $129,195,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3 million | 2016 | Serial | 5% | 104.201 | 0.25%
|
| $5 million | 2017 | Serial | 5% | 108.042 | 0.70%
|
| $10.98 million | 2018 | Serial | 5% | 111.411 | 0.98%
|
| $13,475,000 | 2019 | Serial | 5% | 114.63 | 1.14%
|
| $14,175,000 | 2020 | Serial | 5% | 116.943 | 1.40%
|
| $14.9 million | 2021 | Serial | 5% | 118.53 | 1.68%
|
| $15,665,000 | 2022 | Serial | 5% | 119.278 | 1.99%
|
| $16.47 million | 2023 | Serial | 5% | 120.489 | 2.16%
|
| $17.32 million | 2024 | Serial | 5% | 121.585 | 2.30%
|
| $18.21 million | 2025 | Serial | 5% | 122.364 | 2.44%
|
|
|
| $69,745,000 series 2015B supplemental bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.4 million | 2016 | Serial | 5% | 104.155 | 0.30%
|
| $5.3 million | 2017 | Serial | 5% | 107.963 | 0.74%
|
| $6.47 million | 2018 | Serial | 5% | 111.289 | 1.02%
|
| $7.28 million | 2019 | Serial | 5% | 114.384 | 1.20%
|
| $6.93 million | 2020 | Serial | 5% | 116.531 | 1.48%
|
| $7,285,000 | 2021 | Serial | 5% | 117.916 | 1.78%
|
| $7.66 million | 2022 | Serial | 5% | 118.219 | 2.14%
|
| $8,055,000 | 2023 | Serial | 5% | 119.687 | 2.26%
|
| $8,465,000 | 2024 | Serial | 5% | 120.692 | 2.40%
|
| $8.9 million | 2025 | Serial | 5% | 121.384 | 2.54%
|
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