Published on 7/27/2016 in the Prospect News Municipals Daily.
New Issue: Tennessee hits market with $364.17 million of G.O. bonds
By Sheri Kasprzak
New York, July 27 – The State of Tennessee sold $364.17 million of series 2016 general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through Citigroup Global Markets Inc.
The deal included $174.53 million of series 2016A bonds, $124,105,000 of series 2016B refunding bonds and $65,535,000 of series 2016C taxable refunding bonds.
The 2016A bonds are due 2017 to 2036 with 3% to 5% coupons.
The 2016B bonds are due 2017 to 2031 with 5% coupons.
The 2016C bonds are due 2017 to 2031 with coupons from 0.63% to 2.666%, all priced at par.
Proceeds will be used to finance statewide capital projects, retire certain commercial paper notes and refund the state’s series 2008B, 2009D, 2010A and 2011A bonds.
| Issuer: | State of Tennessee
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $364.17 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Wells Fargo Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 25
|
|
|
| $174.53 million series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.73 million | 2017 | Serial | 3% | 102.372
|
| $8.73 million | 2018 | Serial | 5% | 108.566
|
| $8.73 million | 2019 | Serial | 5% | 112.743
|
| $8.73 million | 2020 | Serial | 5% | 116.399
|
| $8.73 million | 2021 | Serial | 5% | 119.847
|
| $8.73 million | 2022 | Serial | 5% | 122.728
|
| $8,725,000 | 2023 | Serial | 5% | 125.358
|
| $8,725,000 | 2024 | Serial | 5% | 127.804
|
| $8,725,000 | 2025 | Serial | 5% | 130.13
|
| $8,725,000 | 2026 | Serial | 5% | 132.188
|
| $8,725,000 | 2027 | Serial | 5% | 131.11
|
| $8,725,000 | 2028 | Serial | 5% | 130.256
|
| $8,725,000 | 2029 | Serial | 5% | 129.619
|
| $8,725,000 | 2030 | Serial | 5% | 129.091
|
| $8,725,000 | 2031 | Serial | 5% | 128.776
|
| $8,725,000 | 2032 | Serial | 5% | 128.776
|
| $8,725,000 | 2033 | Serial | 5% | 128.253
|
| $8,725,000 | 2034 | Serial | 5% | 127.732
|
| $8,725,000 | 2035 | Serial | 5% | 126.8
|
| $8,725,000 | 2036 | Serial | 5% | 126.389
|
|
|
| $124,105,000 series 2016B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.78 million | 2017 | Serial | 5% | 101.989
|
| $16.56 million | 2023 | Serial | 5% | 125.358
|
| $9.31 million | 2024 | Serial | 5% | 127.804
|
| $16.7 million | 2025 | Serial | 5% | 130.13
|
| $9.31 million | 2026 | Serial | 5% | 132.188
|
| $9.31 million | 2027 | Serial | 5% | 131.11
|
| $16.83 million | 2028 | Serial | 5% | 130.256
|
| $16.94 million | 2029 | Serial | 5% | 129.619
|
| $17,055,000 | 2030 | Serial | 5% | 129.091
|
| $9.31 million | 2031 | Serial | 5% | 128.776
|
|
|
| $65,535,000 series 2016C taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.11 million | 2017 | Serial | 0.63% | 100
|
| $1.37 million | 2018 | Serial | 0.966% | 100
|
| $1.38 million | 2019 | Serial | 1.123% | 100
|
| $2,075,000 | 2020 | Serial | 1.295% | 100
|
| $2.07 million | 2021 | Serial | 1.445% | 100
|
| $4,965,000 | 2022 | Serial | 1.749% | 100
|
| $7.42 million | 2023 | Serial | 1.849% | 100
|
| $7.37 million | 2024 | Serial | 1.966% | 100
|
| $7,335,000 | 2025 | Serial | 2.066% | 100
|
| $7.3 million | 2026 | Serial | 2.116% | 100
|
| $7,275,000 | 2027 | Serial | 2.166% | 100
|
| $7,255,000 | 2028 | Serial | 2.266% | 100
|
| $2.59 million | 2029 | Serial | 2.366% | 100
|
| $2,535,000 | 2030 | Serial | 2.516% | 100
|
| $2,485,000 | 2031 | Serial | 2.666% | 100
|
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