Published on 2/16/2012 in the Prospect News Municipals Daily.
New Issue: Tennessee brings $449.07 million of general obligation refunding bonds
By Sheri Kasprzak
New York, Feb. 16 - The State of Tennessee priced $449.07 million of series 2012A general obligation refunding bonds, according to a pricing sheet.
The bonds (Aaa/AA+/AAA) were sold through J.P. Morgan Securities LLC. The co-managers were Morgan Keegan & Co. Inc., Citigroup Global Markets Inc., Piper Jaffray & Co., Goldman, Sachs & Co. and Wells Fargo Securities LLC.
The bonds are due 2015 to 2027 with 2.5% to 5% coupons.
Proceeds will be used to refund the state's series 2005B, 2006A, 2007A, 2008A, 2009A, 2009C and 2010A G.O. bonds.
Issuer: | State of Tennessee
|
Issue: | Series 2012A general obligation refunding bonds
|
Amount: | $449.07 million
|
Type: | Negotiated
|
Underwriters: | J.P. Morgan Securities LLC (lead); Morgan Keegan & Co. Inc., Citigroup Global Markets Inc., Piper Jaffray & Co., Goldman, Sachs & Co. and Wells Fargo Securities LLC (co-managers)
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
Pricing date: | Feb. 16
|
Settlement date: | March 15
|
|
Amount | Maturity | Type | Coupon | Price
|
$5,085,000 | 2015 | Serial | 3% | 108.222
|
$12.17 million | 2016 | Serial | 4% | 114.575
|
$32,885,000 | 2017 | Serial | 4% | 117.155
|
$44.89 million | 2018 | Serial | 5% | 124.374
|
$45,135,000 | 2019 | Serial | 5% | 126.108
|
$45.37 million | 2020 | Serial | 5% | 127.005
|
$45,605,000 | 2021 | Serial | 5% | 128.192
|
$45,845,000 | 2022 | Serial | 5% | 128.962
|
$52,565,000 | 2023 | Serial | 3.5% | 114.21
|
$52.15 million | 2024 | Serial | 4% | 119.289
|
$34.17 million | 2025 | Serial | 4% | 119.224
|
$26,045,000 | 2026 | Serial | 2.5% | 100
|
$7,155,000 | 2027 | Serial | 5% | 134.185
|
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