By Sheri Kasprzak
New York, April 23 - The state of Tennessee priced Wednesday $427.197 million in series 2009 general obligation and general obligation refunding bonds, said Mary-Margaret Collier, the state's director of finance.
The offering included $318.112 million in series 2009A G.O. bonds and $109.085 million in series 2009B G.O. refunding bonds (Aa1/AA+/AA+).
The 2009A bonds are due 2010 to 2029 with coupons from 2% to 5% and yields from 0.45% to 4.38%. The 2009B bonds are due 2009 to 2021 with coupons from 2% to 5% and yields from 0.55% to 3.39%.
Morgan Stanley & Co. Inc. was the lead manager. The co-managers included Loop Capital Markets LLC; Duncan-Williams Inc.; Morgan Keegan & Co. Inc.; J.P. Morgan Securities Inc.; Wiley Bros. Aintree Capital LLC; Edward D. Jones & Co.; J.J.B. Hilliard, W.L. Lyons LLC; and Mesirow Financial.
The proceeds will be used to repay the state's commercial paper notes.
| Issuer: | Tennessee
|
| Issue: | Series 2009 general obligation and general obligation refunding bonds
|
| Amount: | $427.197 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead); Loop Capital Markets LLC; Duncan-Williams Inc.; Morgan Keegan & Co. Inc.; J.P. Morgan Securities Inc.; Wiley Bros. Aintree Capital LLC; Edward D. Jones & Co.; J.J.B. Hilliard, W.L. Lyons LLC; and Mesirow Financial (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | April 22
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 0.45%
|
| 2011 | Serial | 3% | 1.05%
|
| 2012 | Serial | 4% | 1.30%
|
| 2013 | Serial | 4% | 1.55%
|
| 2014 | Serial | 5% | 1.88%
|
| 2015 | Serial | 5% | 2.11%
|
| 2016 | Serial | 5% | 2.31%
|
| 2017 | Serial | 5% | 2.53%
|
| 2018 | Serial | 5% | 2.74%
|
| 2019 | Serial | 5% | 2.96%
|
| 2020 | Serial | 5% | 3.16%
|
| 2021 | Serial | 5% | 3.32%
|
| 2022 | Serial | 5% | 3.47%
|
| 2023 | Serial | 5% | 3.61%
|
| 2024 | Serial | 5% | 3.75%
|
| 2025 | Serial | 5% | 3.89%
|
| 2026 | Serial | 5% | 3.98%
|
| 2027 | Serial | 5% | 4.08%
|
| 2028 | Serial | 4.25% | 4.30%
|
| 2029 | Serial | 4.375% | 4.38%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 2% | 0.55%
|
| 2010 | Serial | 3% | 0.90%
|
| 2013 | Serial | 5% | 1.60%
|
| 2014 | Serial | 3% | 1.93%
|
| 2015 | Serial | 3.5% | 2.18%
|
| 2016 | Serial | 5% | 2.40%
|
| 2017 | Serial | 5% | 2.62%
|
| 2018 | Serial | 5% | 2.83%
|
| 2019 | Serial | 3% | 3.05%
|
| 2020 | Serial | 3.25% | 3.25%
|
| 2021 | Serial | 5% | 3.39%
|
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