By Sheri Kasprzak
New York, Oct. 13 - The State of Tennessee sold $231.445 million in an upsized offering of general obligation bonds (Aaa/AA+/AAA), said Mary-Margaret Collier, director of the Office of State and Local Finance. The deal size was increased from $213.315 million.
The sale included $186.505 million in series 2010A G.O. bonds and $44.94 million in series 2010B G.O. refunding bonds.
The 2010A bonds are due 2012 to 2031 with 3% to 4% coupons. The 2010B bonds are due 2012 and 2019 to 2023 with coupons from 2% to 4%.
Bank of America Merrill Lynch won the series 2010A bonds with a 3.05668% true interest cost, and BMO Capital Markets won the series 2010B bonds with a 2.738421% TIC.
Proceeds will be used to fund capital projects, as well as to retire commercial paper.
| Issuer: | State of Tennessee
|
| Issue: | Series 2010 general obligation and G.O. refunding bonds
|
| Amount: | $231.445 million
|
| Type: | Competitive
|
| Underwriters: | Bank of America Merrill Lynch (winner of series 2010A); BMO Capital Markets (winner of series 2010B)
|
| True interest costs: | 3.05668% (series 2010A); 2.738421% (series 2010B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 27
|
|
|
| $186.505 million series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 4% | 105.34
|
| 2013 | Serial | 4% | 108.33
|
| 2014 | Serial | 4% | 110.544
|
| 2015 | Serial | 4% | 112.493
|
| 2016 | Serial | 4% | 113.686
|
| 2017 | Serial | 4% | 114.65
|
| 2018 | Serial | 4% | 114.559
|
| 2019 | Serial | 4% | 113.138
|
| 2020 | Serial | 4% | 111.665
|
| 2021 | Serial | 4% | 109.139
|
| 2022 | Serial | 4% | 107.446
|
| 2023 | Serial | 4% | 106.749
|
| 2024 | Serial | 3% | 99.23
|
| 2025 | Serial | 4% | 105.303
|
| 2026 | Serial | 3.125% | 98.726
|
| 2027 | Serial | 4% | 104.894
|
| 2028 | Serial | 4% | 104.014
|
| 2029 | Serial | 3.5% | 100
|
| 2030 | Serial | 3.5% | 99.3
|
| 2031 | Serial | 3.625% | 99.784
|
|
|
| $44.94 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.805 million | 2012 | Term | 2% | 102.662
|
| $7.645 million | 2019 | Serial | 3% | 106.412
|
| $7.535 million | 2020 | Serial | 3% | 104.584
|
| $7.415 million | 2021 | Serial | 3% | 102.792
|
| $7.31 million | 2022 | Serial | 3.5% | 105.278
|
| $7.23 million | 2023 | Serial | 4% | 108.025
|
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