Tennessee preps $416.32 million offering of general obligation bonds

By Sheri Kasprzak

New York, Oct. 23 – The State of Tennessee is prepared to price $416.32 million of series 2015 general obligation bonds during the week of Oct. 26, according to a preliminary official statement.

The deal includes $320 million of series 2015A G.O. bonds and $96.32 million of series 2015B G.O. refunding bonds.

The bonds (Aaa/AA+/AAA) will be sold through senior manager Morgan Stanley & Co. LLC. The co-managers are BofA Merrill Lynch, Piper Jaffray & Co. and Raymond James/Morgan Keegan.

The 2015A bonds are due 2016 to 2035, and the 2015B bonds are due 2016 and 2018 to 2028.

Proceeds will be used to finance statewide capital projects, retire at maturity certain commercial paper notes and refund the state’s series 2009A and 2010A G.O. bonds.

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