By Sheri Kasprzak
New York, April 7 - The state of Washington sold $441.385 million in series 2009E general obligation bonds Tuesday, said Chris McGann, spokesman for the state.
J.P. Morgan Securities Inc. won the competitive bid with a 4.535% true interest cost.
The bonds (Aa1/AA+/AA) are due 2010 to 2029 with term bonds due 2031 and 2034. The yields range from 2.28% to 5.05%. Coupons were 5% across the board.
Seattle-Northwest Securities Corp. and Montague De Rose and Associates LLC were the financial advisers.
Proceeds will be used to reimburse the state for general capital expenses, as well as construction and improvement of state and local roads.
| Issuer: | State of Washington
|
| Issue: | Series 2009E general obligation bonds
|
| Amount: | $441.385 million
|
| Type: | Competitive
|
| Maturities: | 2010 to 2029 with term bonds due 2031 and 2034
|
| Coupon: | 5%
|
| Yields: | 2.28% to 5.05%
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| True interest cost: | 4.535%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | April 7
|
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