Published on 7/16/2014 in the Prospect News Municipals Daily.
New Issue: Tennessee brings to market $190.09 million of G.O. bonds
By Sheri Kasprzak
New York, July 16 – The State of Tennessee priced $190,085,000 of series 2014 general obligation bonds, according to a pricing sheet.
The deal included $111.46 million of series 2014A G.O. bonds and $78,625,000 of series 2014B G.O. refunding bonds.
The 2014A bonds are due 2015 to 2034 with coupons from 3% to 5%. The 2014B bonds are due 2025 to 2029 with 5% coupons.
The bonds (Aaa/AA+/AAA) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital projects for the state, to retire at maturity its commercial paper notes and to refund the state’s series 2008A and 2009C G.O. bonds.
| Issuer: | State of Tennessee
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $190,085,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AA+
|
| Fitch: AAA
|
| Pricing date: | July 16
|
| Settlement date: | Aug. 19
|
|
|
| $111.46 million series 2014A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,575,000 | 2015 | Serial | 4% | 103.952
|
| $5,575,000 | 2016 | Serial | 3% | 105.385
|
| $5,575,000 | 2017 | Serial | 4% | 110.109
|
| $5,575,000 | 2018 | Serial | 4% | 111.998
|
| $5,575,000 | 2019 | Serial | 5% | 118.023
|
| $5,575,000 | 2020 | Serial | 5% | 119.67
|
| $5,575,000 | 2021 | Serial | 5% | 120.684
|
| $5,575,000 | 2022 | Serial | 5% | 121.581
|
| $5,575,000 | 2023 | Serial | 5% | 122.365
|
| $5,575,000 | 2024 | Serial | 5% | 123.261
|
| $5,575,000 | 2025 | Serial | 5% | 122.261
|
| $5,575,000 | 2026 | Serial | 5% | 121.37
|
| $5.57 million | 2027 | Serial | 5% | 120.486
|
| $5.57 million | 2028 | Serial | 5% | 119.804
|
| $5.57 million | 2029 | Serial | 5% | 119.03
|
| $5.57 million | 2030 | Serial | 5% | 118.454
|
| $5.57 million | 2031 | Serial | 5% | 117.785
|
| $5.57 million | 2032 | Serial | 5% | 117.216
|
| $5.57 million | 2033 | Serial | 5% | 116.65
|
| $5.57 million | 2034 | Serial | 5% | 116.181
|
|
|
| $78,625,000 series 2014B G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,025,000 | 2025 | Serial | 5% | 122.261
|
| $17.01 million | 2026 | Serial | 5% | 121.37
|
| $16.99 million | 2027 | Serial | 5% | 120.486
|
| $16,965,000 | 2028 | Serial | 5% | 119.804
|
| $10,635,000 | 2029 | Serial | 5% | 119.03
|
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