Published on 12/15/2010 in the Prospect News Municipals Daily.
New Issue: Pennsylvania prices $650 million of G.O. bonds
By Sheri Kasprzak
New York, Dec. 15 - The Commonwealth of Pennsylvania priced Wednesday $650 million of series 2010 general obligation bonds, said a pricing sheet.
The deal included $171.895 million of series 2010A tax-exempt bonds, $466.605 million of series 2010B Build America Bonds and $11.5 million of series 2010C tax-exempt bonds.
The bonds (Aa1//AA+) were sold competitively with Barclays Capital Inc. winning the Build America Bonds and Citigroup Global Markets Inc. taking the tax-exempts.
The 2010A bonds are due 2012 to 2018 with 5% coupons across the board. The 2010B bonds are due 2019 to 2024 with a term bond due in 2030. The serial coupons range from 4.05% to 5.05%. The 2030 bonds have a 5.85% coupon priced at 99.879. The 2010C bonds are due 2012 to 2030 with 0.60% to 4.75% coupons.
Proceeds will be used to finance capital projects, provide grants and loans for water supply and sewage treatment improvements and to fund environmental initiatives.
| Issuer: | Commonwealth of Pennsylvania
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $650 million
|
| Type: | Competitive
|
| Underwriters: | Barclays Capital Inc. (winner for 2010B bonds); Citigroup Global Markets Inc. (winner for 2010A and 2010C bonds)
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 23
|
|
|
| $171.895 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $21.030 million | 2012 | Serial | 5% | NRO
|
| $22.110 million | 2013 | Serial | 5% | 110.088
|
| $23.240 million | 2014 | Serial | 5% | 112.499
|
| $24.435 million | 2015 | Serial | 5% | 114.375
|
| $25.685 million | 2016 | Serial | 5% | 115.713
|
| $27.005 million | 2017 | Serial | 5% | 115.695
|
| $28.390 million | 2018 | Serial | 5% | 115.116
|
|
|
| $466.605 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $29.685 million | 2019 | Serial | 4.05% | 99.639
|
| $30.920 million | 2020 | Serial | 4.25% | 99.608
|
| $32.240 million | 2021 | Serial | 4.55% | 99.582
|
| $33.665 million | 2022 | Serial | 4.75% | 99.557
|
| $35.225 million | 2023 | Serial | 5% | 100
|
| $36.955 million | 2024 | Serial | 5.05% | 99.511
|
| $267.915 million | 2030 | Term | 5.85% | 99.879
|
|
|
| $11.5 million series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $470,000 | 2012 | Serial | 0.6% | 99.922
|
| $480,000 | 2013 | Serial | 3% | 104.914
|
| $490,000 | 2014 | Serial | 3% | 105.360
|
| $500,000 | 2015 | Serial | 3% | 105.456
|
| $510,000 | 2016 | Serial | 3% | 105.237
|
| $520,000 | 2017 | Serial | 3% | 103.313
|
| $535,000 | 2018 | Serial | 3% | 101.353
|
| $550,000 | 2019 | Serial | 3% | 98.511
|
| $565,000 | 2020 | Serial | 3.5% | 100
|
| $585,000 | 2021 | Serial | 4% | 102.801
|
| $600,000 | 2022 | Serial | 4% | 101.588
|
| $625,000 | 2023 | Serial | 4% | 100
|
| $645,000 | 2024 | Serial | 4.125% | 99.228
|
| $670,000 | 2025 | Serial | 4.3% | 99.664
|
| $695,000 | 2026 | Serial | 4.5% | 98.930
|
| $720,000 | 2027 | Serial | 4.5% | 98.505
|
| $750,000 | 2028 | Serial | 4.625% | 98.753
|
| $780,000 | 2029 | Serial | 4.75% | 99.023
|
| $810,000 | 2030 | Serial | 4.75% | 98.500
|
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