By Sheri Kasprzak
New York, May 25 - The State of Washington brought to market its largest ever bond offering - $1,156,045,000 in series 2010F motor vehicle fuel tax general obligation bonds - on Tuesday, according to a pricing sheet. The offering was upsized from $1.1 billion.
The fourth-largest Build America Bond sale was conducted through J.P. Morgan Securities Inc. with Bank of America Merrill Lynch; Barclays Capital Inc.; Citigroup Global Markets Inc.; Goldman Sachs & Co.; and Morgan Stanley & Co. Inc.
The bonds (Aa1/AA+/AA+) are due 2015 to 2024 with term bonds due 2031, 2033 and 2040. The coupons range from 2.76% to 4.669%, all priced at par. The 2031 bonds have a 5.04% coupon, priced at par, and the 2033 bonds have a 5.09% coupon, also priced at par. The 2040 bonds have a 5.14% coupon, priced at par.
Proceeds will be used to reimburse the state for highway and transportation improvements.
| Issuer: | State of Washington
|
| Issue: | Series 2010F motor vehicle fuel tax general obligation bonds
|
| Amount: | $1,156,045,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Bank of America Merrill Lynch; Barclays Capital Inc.; Citigroup Global Markets Inc.; Goldman Sachs & Co.; and Morgan Stanley & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | May 25
|
| Settlement date: | June 1
|
|
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 2.76% | 100
|
| 2016 | Serial | 3.347% | 100
|
| 2017 | Serial | 3.547% | 100
|
| 2018 | Serial | 3.919% | 100
|
| 2019 | Serial | 4.019% | 100
|
| 2020 | Serial | 4.119% | 100
|
| 2021 | Serial | 4.269% | 100
|
| 2022 | Serial | 4.369% | 100
|
| 2023 | Serial | 4.519% | 100
|
| 2024 | Serial | 4.669% | 100
|
| 2031 | Term | 5.04% | 100
|
| 2033 | Term | 5.09% | 100
|
| 2040 | Term | 5.14% | 100
|
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