Published on 10/3/2012 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Economic Development sells $2.5 billion unemployment bonds
By Sheri Kasprzak
New York, Oct. 3 - The Pennsylvania Economic Development Finance Authority priced $2,527,405,000 of series 2012 unemployment compensation revenue bonds, according to a pricing sheet.
The deal included $1,430,435,000 of series 2012A bonds and $1,096,970,000 of series 2012B bonds.
The 2012A bonds are due 2013 to 2019 with 1% to 5% coupons. The 2012B bonds are due 2020 to 2023 with 5% coupons.
The bonds (Aaa/AA+/AA+) were sold on a negotiated basis. Citigroup Global Markets Inc. was the senior manager for the 2012A bonds and Bank of America Merrill Lynch was the lead manager for the 2012B bonds.
Proceeds will be used to repay federal loans related to the commonwealth's unemployment compensation system.
| Issuer: | Pennsylvania Economic Development Finance Authority
|
| Issue: | Series 2012 unemployment compensation revenue bonds
|
| Amount: | $2,527,405,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2012A), Bank of America Merrill Lynch (lead for 2012B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 18
|
|
|
| $1,430,435,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $99,375,000 | 2013 | Serial | 1% | 100.575
|
| $22,925,000 | 2014 | Serial | 3% | 103.189
|
| $148,575,000 | 2014 | Serial | 4% | 106.137
|
| $26,285,000 | 2015 | Serial | 3% | 105.56
|
| $45.43 million | 2015 | Serial | 4% | 109.412
|
| $112,205,000 | 2015 | Serial | 5% | 112.093
|
| $14,525,000 | 2016 | Serial | 3% | 107.601
|
| $23.55 million | 2016 | Serial | 4% | 112.314
|
| $151.79 million | 2016 | Serial | 5% | 115.968
|
| $19,595,000 | 2016 | Serial | 5% | 113.936
|
| $45.36 million | 2017 | Serial | 4% | 113.42
|
| $187.93 million | 2017 | Serial | 5% | 119.345
|
| $20 million | 2018 | Serial | 4% | 115.555
|
| $35,105,000 | 2018 | Serial | 5% | 120.623
|
| $201,665,000 | 2018 | Serial | 5% | 122.179
|
| $20 million | 2019 | Serial | 4% | 117.013
|
| $210,605,000 | 2019 | Serial | 5% | 124.182
|
| $45,515,000 | 2019 | Serial | 5% | 122.983
|
|
|
| $1,096,970,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $73.79 million | 2020 | Serial | 5% | 122.81
|
| $197.04 million | 2020 | Serial | 5% | 122.451
|
| $102.3 million | 2021 | Serial | 5% | 121.38
|
| $204,525,000 | 2021 | Serial | 5% | 118.498
|
| $109,975,000 | 2022 | Serial | 5% | 117.273
|
| $212,385,000 | 2022 | Serial | 5% | 114.189
|
| $108.03 million | 2023 | Serial | 5% | 112.677
|
| $83,925,000 | 2023 | Serial | 5% | 111.206
|
| $5 million | 2023 | Serial | 5% | 109.381
|
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