Published on 5/27/2015 in the Prospect News Municipals Daily.
New Issue: Pennsylvania brings to market $1.23 billion of general obligation bonds
By Sheri Kasprzak
New York, May 27 – The Commonwealth of Pennsylvania sold $1,237,230,000 of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $460 million of second series 2015 bonds and $777.23 million of first series 2015 refunding bonds.
The second series bonds are due 2016 to 2035 with 3.25% to 5% coupons. The first series bonds are due 2016 to 2026 with 5% coupons.
The bonds were sold competitively. BofA Merrill Lynch won the bid.
Proceeds will be used to provide funding for construction, acquisition and rehabilitation of capital facilities projects, capital highway and bridge projects, environmental maintenance and protection, open space and farmland preservation and watershed protection and to refund outstanding bonds.
| Issuer: | Commonwealth of Pennsylvania
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $1,237,230,000
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| Pricing date: | May 27
|
| Settlement date: | June 16
|
|
|
| $460 million second series 2015 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13,725,000 | 2016 | Serial | 5% | 105.095
|
| $14.43 million | 2017 | Serial | 5% | 108.54
|
| $15.17 million | 2018 | Serial | 5% | 110.545
|
| $15,945,000 | 2019 | Serial | 5% | 113.252
|
| $16,765,000 | 2020 | Serial | 5% | 114.699
|
| $17,625,000 | 2021 | Serial | 5% | 115.493
|
| $18,525,000 | 2022 | Serial | 5% | 116.017
|
| $19,475,000 | 2023 | Serial | 5% | 116.667
|
| $20,475,000 | 2024 | Serial | 5% | 117.141
|
| $21,525,000 | 2025 | Serial | 5% | 117.693
|
| $22.63 million | 2026 | Serial | 3.25% | 100.428
|
| $23.79 million | 2027 | Serial | 3.5% | 100.422
|
| $25.01 million | 2028 | Serial | 4% | 102.774
|
| $26.29 million | 2029 | Serial | 4% | 102.177
|
| $27.64 million | 2030 | Serial | 4% | 101.415
|
| $29.06 million | 2031 | Serial | 5% | 112.458
|
| $30.55 million | 2032 | Serial | 5% | 111.914
|
| $32,115,000 | 2033 | Serial | 4% | 99.74
|
| $33.76 million | 2034 | Serial | 4% | 99.202
|
| $35,495,000 | 2035 | Serial | 4% | 98.632
|
|
|
| $777.23 million first series 2015 refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.06 million | 2016 | Serial | 5% | 103.169
|
| $4,205,000 | 2016 | Serial | 5% | 105.095
|
| $66.1 million | 2017 | Serial | 5% | 108.54
|
| $48.17 million | 2018 | Serial | 5% | 110.545
|
| $22,065,000 | 2019 | Serial | 5% | 113.252
|
| $11,615,000 | 2020 | Serial | 5% | 114.699
|
| $33.61 million | 2021 | Serial | 5% | 115.493
|
| $115.72 million 2022 | Serial | 5% | 116.017
|
| $186,775,000 | 2023 | Serial | 5% | 116.667
|
| $116,515,000 | 2024 | Serial | 5% | 117.141
|
| $145,145,000 | 2025 | Serial | 5% | 117.693
|
| $20.25 million | 2026 | Serial | 5% | 116.452
|
|
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