By Sheri Kasprzak
New York, Nov. 17 - The Tobacco Securitization Authority of Minnesota sold $756.955 million of series 2011 Minnesota tobacco settlement revenue bonds on Thursday, according to a pricing sheet.
The deal included $74.685 million of series 2011A taxable bonds and $682.27 million of series 2011B tax-exempt bonds.
The 2011A bonds are due 2014 to 2015 with a 2.643% coupon priced at par and a 3.093% coupon priced at par, respectively.
The 2011B bonds are due 2016 to 2026 with a term bond due in 2031. The serial coupons range from 3% to 5.25%. The 2031 bonds have a 5.25% coupon priced at 99.5.
Barclays Capital Inc. was the lead manager for the bonds (/A/BBB+). The co-managers were 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.
Proceeds will help refund existing Minnesota tobacco settlement bonds.
Issuer: | Tobacco Securitization Authority
|
Issue: | Series 2011 Minnesota tobacco settlement revenue bonds
|
Amount: | $756.955 million
|
Type: | Negotiated
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Underwriters: | Barclays Capital Inc. (lead), 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
|
Ratings: | Standard & Poor's: A
|
| Fitch: BBB+
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Pricing date: | Nov. 17
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Settlement date: | Nov. 29
|
|
$74.685 million series 2011A taxable bonds
|
Amount | Maturity | Type | Coupon | Price
|
$36.9 million | 2014 | Serial | 2.643% | 100
|
$37.785 million | 2015 | Serial | 3.093% | 100
|
|
$682.27 million series 2011B tax-exempt bonds
|
Amount | Maturity | Type | Coupon | Price
|
$5 million | 2016 | Serial | 3% | 103.437
|
$25.255 million | 2016 | Serial | 5% | 111.527
|
$3.5 million | 2017 | Serial | 4% | 106.68
|
$28.19 million | 2017 | Serial | 5% | 111.558
|
$32.41 million | 2018 | Serial | 5% | 110.904
|
$2.925 million | 2019 | Serial | 3.5% | 100.123
|
$30.015 million | 2019 | Serial | 5% | 109.667
|
$34.3 million | 2020 | Serial | 5% | 108.577
|
$3.175 million | 2021 | Serial | 4% | 100.533
|
$32.61 million | 2021 | Serial | 5% | 108.229
|
$37.48 million | 2022 | Serial | 5% | 107.034
|
$38.55 million | 2023 | Serial | 5.25% | 106.268
|
$40.72 million | 2024 | Serial | 5.25% | 105.009
|
$43.165 million | 2025 | Serial | 5.25% | 103.932
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$6.075 million | 2026 | Serial | 4.85% | 99.687
|
$39.64 million | 2026 | Serial | 5.25% | 102.949
|
$279.26 million | 2031 | Term | 5.25% | 99.5
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