Tennessee arranges $385 million sale of G.O. refunding bonds

By Sheri Kasprzak

New York, Feb. 10 - The State of Tennessee is expected to price $385 million of series 2012A general obligation refunding bonds, according to a preliminary official statement.

The bonds (Aaa/AA+/AAA) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the lead manager. The co-managers are Morgan Keegan & Co. Inc.; Citigroup Global Markets Inc.; Piper Jaffray & Co.; Goldman, Sachs & Co.; and Wells Fargo Securities LLC.

The bonds are due 2016 to 2027.

Proceeds will be used to refund the state's series 2005B, 2006A, 2007A, 2008A, 2009A, 2009C and 2010A G.O. bonds.

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