By Sheri Kasprzak
New York, May 26 - The State of Arizona priced on Wednesday $449 million of series 2010A lottery revenue bonds, said a term sheet.
The full details of the sale were not immediately available.
The bonds (A1/AA-/) were sold through J.P. Morgan Securities Inc. with Citigroup Global Markets Inc., Bank of America Merrill Lynch, Piper Jaffray & Co., Ramirez & Co. Inc. and Wedbush Morgan Securities Inc. as the co-managers.
The bonds are due 2013 to 2029 with coupons from 3% to 5%. The yields were not available by press time on Wednesday afternoon.
Proceeds will be deposited into the state's general fund to pay appropriated expenditures.
| Issuer: | State of Arizona
|
| Issue: | Series 2010A lottery revenue bonds
|
| Amount: | $449 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead), Citigroup Global Markets Inc., Bank of America Merrill Lynch, Piper Jaffray & Co., Ramirez & Co. Inc. and Wedbush Morgan Securities Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | May 26
|
| Settlement date: | June 15
|
|
|
| Maturity | Type | Coupon
|
| 2013 | Serial | 3%
|
| 2013 | Serial | 4%
|
| 2014 | Serial | 3%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 3%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 3%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 3.25%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 3.5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
| 2023 | Serial | 4%
|
| 2023 | Serial | 5%
|
| 2024 | Serial | 5%
|
| 2025 | Serial | 5%
|
| 2026 | Serial | 5%
|
| 2027 | Serial | 4%
|
| 2027 | Serial | 5%
|
| 2028 | Serial | 4.25%
|
| 2028 | Serial | 5%
|
| 2029 | Serial | 5%
|
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