By Sheri Kasprzak
New York, Oct. 14 - The State of Washington priced on Wednesday $445.47 million of series 2010B and 2010C motor vehicle tax general obligation Build America Bonds (Aa1/AA+/AA), said a pricing sheet.
The sale included $215.5 million of series 2010B refunding bonds and $229.97 million of BABs.
The 2010B bonds are due 2011 to 2026 with coupons from 2% to 5%. The 2010C bonds are due 2010 to 2030 with a term bond due 2034. The serials have coupons from 2% to 5%. The 2034 bonds have a 5% coupon and were not reoffered.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. were the senior managers. The co-managers were Merrill Lynch & Co. Inc., Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used to fund state and local highway improvements.
| Issuer: | State of Washington
|
| Issue: | Series 2010 motor vehicle tax general obligation bonds
|
| Amount: | $445.47 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Goldman, Sachs & Co. (lead), Merrill Lynch & Co. Inc., Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 28
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.164
|
| 2012 | Serial | 5% | 107.930
|
| 2013 | Serial | 5% | 109.894
|
| 2014 | Serial | 5% | 111.065
|
| 2015 | Serial | 5% | 111.649
|
| 2016 | Serial | 5% | 111.790
|
| 2017 | Serial | 5% | 111.998
|
| 2018 | Serial | 5% | 112.165
|
| 2019 | Serial | 5% | 112.431
|
| 2020 | Serial | 5% | 112.560
|
| 2021 | Serial | 5% | NRO
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5% | NRO
|
| 2025 | Serial | 5% | NRO
|
| 2026 | Serial | 5% | NRO
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 2% | 101.210
|
| 2011 | Serial | 3% | 103.707
|
| 2012 | Serial | 5% | 109.762
|
| 2013 | Serial | 5% | 111.691
|
| 2014 | Serial | 5% | 112.340
|
| 2015 | Serial | 5% | 112.640
|
| 2016 | Serial | 5% | 112.669
|
| 2017 | Serial | 5% | 112.787
|
| 2018 | Serial | 5% | 112.834
|
| 2019 | Serial | 5% | 113.010
|
| 2020 | Serial | 5% | NRO
|
| 2021 | Serial | 5% | NRO
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5% | NRO
|
| 2025 | Serial | 5% | NRO
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 5% | NRO
|
| 2028 | Serial | 5% | NRO
|
| 2029 | Serial | 5% | NRO
|
| 2030 | Serial | 5% | NRO
|
| 2034 | Term | 5% | NRO
|
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