Published on 4/29/2014 in the Prospect News Municipals Daily.
New Issue: Pennsylvania prices $834.45 million general obligation bonds
By Sheri Kasprzak
New York, April 29 - The Commonwealth of Pennsylvania sold $834.45 million of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $545 million of first series 2014 bonds and $289.45 million of first refunding series 2014 bonds.
The first series bonds are due 2015 to 2034 with 4% to 5% coupons.
The refunding bonds are due 2015 to 2024 with 5% coupons.
The bonds (/AA/AA) were sold competitively with BofA Merrill Lynch winning the bid.
Proceeds will be used to finance capital improvement projects throughout the state and to refund the state's series 2003, 2004, 2005, 2006 and 2007A-B G.O. bonds.
| Issuer: | Commonwealth of Pennsylvania
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $834.45 million
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | April 29
|
| Settlement date: | May 15
|
|
|
| $545 million first series 2014 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $14,385,000 | 2015 | Serial | 5% | 105.191
|
| $17,375,000 | 2016 | Serial | 5% | 109.38
|
| $18,245,000 | 2017 | Serial | 5% | 112.929
|
| $19,155,000 | 2018 | Serial | 5% | 115.79
|
| $20,115,000 | 2019 | Serial | 5% | 117.818
|
| $21.12 million | 2020 | Serial | 5% | 119.248
|
| $22,175,000 | 2021 | Serial | 5% | 120.012
|
| $23,285,000 | 2022 | Serial | 5% | 120.629
|
| $24.45 million | 2023 | Serial | 5% | 121.104
|
| $25.67 million | 2024 | Serial | 5% | 121.859
|
| $26,955,000 | 2025 | Serial | 5% | 120.672
|
| $28.3 million | 2026 | Serial | 5% | 119.499
|
| $29,715,000 | 2027 | Serial | 5% | 118.435
|
| $31,205,000 | 2028 | Serial | 3% | 98.864
|
| $32,765,000 | 2029 | Serial | 5% | 123.022
|
| $34.4 million | 2030 | Serial | 4% | 104.128
|
| $36.12 million | 2031 | Serial | 4% | 103.44
|
| $37,925,000 | 2032 | Serial | 4% | 102.757
|
| $39,825,000 | 2033 | Serial | 4% | 102.08
|
| $41,815,000 | 2034 | Serial | 5% | 113.285
|
|
|
| $289.45 million first refunding series 2014 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $50,000 | 2015 | Serial | 5% | 103.009
|
| $36,395,000 | 2015 | Serial | 5% | 105.392
|
| $40.49 million | 2016 | Serial | 5% | 109.556
|
| $17.96 million | 2017 | Serial | 5% | 113.113
|
| $16.83 million | 2018 | Serial | 5% | 115.958
|
| $2,655,000 | 2019 | Serial | 5% | 117.968
|
| $20.95 million | 2020 | Serial | 5% | 119.253
|
| $38,975,000 | 2021 | Serial | 5% | 120.128
|
| $54.29 million | 2022 | Serial | 5% | 120.732
|
| $14.44 million | 2023 | Serial | 5% | 121.196
|
| $46,415,000 | 2024 | Serial | 5% | 121.943
|
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