Published on 11/14/2012 in the Prospect News Municipals Daily.
New Issue: Tennessee sells competitively $170.53 million general obligation bonds
By Sheri Kasprzak
New York, Nov. 14 - The State of Tennessee priced $170,525,000 of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $140 million of series 2012B G.O. bonds and $30,525,000 of series 2012C taxable G.O. refunding bonds.
The 2012B bonds are due 2013 to 2032 with 2.25% to 5% coupons. The 2012C bonds are due 2013 to 2020 with 0.3% to 1.6% coupons, all priced at par.
The bonds (Aaa/AA+/AAA) were sold competitively.
Bank of America Merrill Lynch won the series 2012B bonds with a 2.11% true interest cost and FTN Financial Capital Markets won the series 2012C taxable portion with a 1.37% TIC, said Mary-Margaret Collier, debt manager for the state.
Proceeds will be used to finance capital projects in the state, retire commercial paper and refund the state's series 2005A G.O. bonds.
| Issuer: | State of Tennessee
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $170,525,000
|
| Type: | Competitive
|
| Underwriters: | Bank of America Merrill Lynch (winner for 2012B bonds), FTN Financial Capital Markets (winner for 2012C bonds)
|
| True Interest Cost: | 2.11% (for 2012B bonds), 1.37% (for 2012C bonds)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Nov. 14
|
| Settlement date: | Dec. 4
|
|
|
| $140 million series 2012B G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7 million | 2013 | Serial | 4% | 103.13
|
| $7 million | 2014 | Serial | 5% | 108.547
|
| $7 million | 2015 | Serial | 5% | 112.817
|
| $7 million | 2016 | Serial | 5% | 116.944
|
| $7 million | 2017 | Serial | 5% | 120.682
|
| $7 million | 2018 | Serial | 5% | 124.242
|
| 47 million | 2019 | Serial | 5% | 126.852
|
| $7 million | 2020 | Serial | 5% | 128.816
|
| $7 million | 2021 | Serial | 3% | 112.054
|
| $7 million | 2022 | Serial | 2% | 101.452
|
| $7 million | 2023 | Serial | 2% | 100.722
|
| $7 million | 2024 | Serial | 2% | 100
|
| $7 million | 2025 | Serial | 2% | 98.879
|
| $7 million | 2026 | Serial | 3% | 105.72
|
| $7 million | 2027 | Serial | 3% | 105.278
|
| $7 million | 2028 | Serial | 2.25% | 98.683
|
| $7 million | 2029 | Serial | 3% | 103.675
|
| $7 million | 2030 | Serial | 3% | 103.243
|
| $7 million | 2031 | Serial | 3% | 102.813
|
| $7 million | 2032 | Serial | 3% | 102.385
|
|
|
| $30,525,000 series 2012C taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $465,000 | 2013 | Serial | 0.30% | 100
|
| $865,000 | 2014 | Serial | 0.40% | 100
|
| $865,000 | 2015 | Serial | 0.55% | 100
|
| $870,000 | 2016 | Serial | 0.75% | 100
|
| $880,000 | 2017 | Serial | 0.90% | 100
|
| $8,915,000 | 2018 | Serial | 1.15% | 100
|
| $10,755,000 | 2019 | Serial | 1.35% | 100
|
| $6.91 million | 2020 | Serial | 1.60% | 100
|
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