Tobacco Securitization Authority, Minn., plans $787.57 million bonds

By Sheri Kasprzak

New York, Oct. 31 - The Tobacco Securitization Authority of Minnesota plans to bring to market $787.57 million of series 2011 Minnesota tobacco settlement revenue bonds, according to a preliminary official statement.

The offering includes $81.075 million of series 2011A taxable bonds and $706.495 million of series 2011B tax-exempt bonds.

The bonds (/A/BBB+) will be sold on a negotiated basis with Barclays Capital Inc. as the senior manager. The co-managers are Bank of America Merrill Lynch, Jefferies & Co., Citigroup Global Markets Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, US Bancorp and Wells Fargo Securities LLC.

The 2011A bonds are due 2014 to 2015 and the 2011B bonds are due 2016 to 2026 with a term bond due in 2031.

Proceeds will be used to refund existing Minnesota tobacco settlement bonds.

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