By Sheri Kasprzak
New York, Sept. 15 - The State of Washington sold on Wednesday $795.385 million of general obligation bonds in two tranches, according to a term sheet released by a sellsider.
The offering was comprised of $401.435 million in series 2011R-B various-purpose G.O. bonds and $393.95 million in series 2011R-C motor vehicle fuel tax G.O. refunding bonds.
The bonds (Aa1/AA+/AA+) were sold competitively with Wells Fargo Securities LLC winning the 2011R-B bonds and Bank of America Merrill Lynch winning the 2011R-C bonds.
The 2011R-B bonds are due 2011 and 2013 to 2027 with 4% to 5% coupons. The 2011R-C bonds are due 2011 to 2027 with 2% to 5% coupons.
Proceeds from the sale will be used to refund $335 million of debt for an estimated 10.6% net present value savings of refunded principal and to refund $352.9 million of debt for an estimated net present value savings of 11.7% of refunded principal.
Issuer: | State of Washington
|
Issue: | Series 2011R general obligation bonds
|
Amount: | $795.385 million
|
Type: | Competitive
|
Underwriters: | Wells Fargo Securities LLC (winner for 2011R-B); Bank of America Merrill Lynch (winner for 2011R-C)
|
Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
Pricing date: | Sept. 15
|
Settlement date: | Sept. 28
|
|
Series 2011R-B
|
Maturity | Type | Coupon | Price
|
2011 | Term | 5% | 101.212
|
2013 | Serial | 4% | 108.941
|
2014 | Serial | 5% | 114.836
|
2015 | Serial | 5% | 116.815
|
2016 | Serial | 5% | 118.448
|
2017 | Serial | 5% | 119.221
|
2018 | Serial | 5% | 119.788
|
2019 | Serial | 5% | 120.248
|
2020 | Serial | 5% | 120.086
|
2021 | Serial | 5% | 120.413
|
2022 | Serial | 5% | 120.570
|
2023 | Serial | 5% | 122.017
|
2024 | Serial | 5% | 122.531
|
2025 | Serial | 5% | 122.628
|
2026 | Serial | 4% | 107.649
|
2027 | Serial | 4% | 106.819
|
|
Series 2011R-C
|
Maturity | Type | Coupon | Price
|
2011 | Serial | 2% | 100.438
|
2012 | Serial | 5% | 107.775
|
2013 | Serial | 5% | 111.696
|
2014 | Serial | 5% | 114.916
|
2015 | Serial | 4% | 112.220
|
2016 | Serial | 5% | 118.448
|
2017 | Serial | 5% | 119.082
|
2018 | Serial | 5% | 119.867
|
2019 | Serial | 5% | 119.986
|
2020 | Serial | 5% | 120.372
|
2021 | Serial | 5% | 118.949
|
2022 | Serial | 5% | 117.825
|
2023 | Serial | 5% | 117.083
|
2024 | Serial | 5% | 116.438
|
2025 | Serial | 4% | 105.283
|
2026 | Serial | 4% | 104.520
|
2027 | Serial | 3.5% | 99.493
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.