By Sheri Kasprzak
New York, Jan. 19 - The State of Washington priced $452.325 million of series 2011 general obligation bonds (Aa2/AA+/AA+), said a pricing sheet. The offering was upsized from $445.625 million.
The sale included $361.95 million of series 2011B various-purpose G.O. bonds and $90.375 million of series 2011T-2 taxable G.O. bonds.
The 2011B bonds are due 2012 to 2031 with term bonds due 2033 and 2036. The serial coupons range from 4% to 5.75%. The 2033 bonds have a 5% coupon priced at 96.76 and the 2036 bonds have a 5.25% coupon priced at 99.038.
The 2011T-2 bonds are due 2012 to 2020 with 0.63% to 3.95% coupons. The 2012 and the 2013 bonds were not reoffered. The remaining bonds were all priced at par.
Bank of America Merrill Lynch won the competitive bid for the series 2011B bonds with a 4.977462% true interest cost. Citigroup Global Markets Inc. took the series 2011T-2 bonds with a 3.043901% TIC.
Proceeds will be used to finance capital projects, transportation projects, state buildings, public school skill center facilities and state programs for Columbia River Basin water supply development, farmland preservation, riparian protection and outdoor recreation.
| Issuer: | State of Washington
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $452.325 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (for 2011B); Citigroup Global Markets Inc. (for 2011T-2)
|
| TIC: | 4.977462% (for 2011B); 3.043901% (for 2011T-2)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Jan. 19
|
| Settlement date: | Feb. 2
|
|
|
| $361.95 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.245 million | 2012 | Serial | 4% | 103.558
|
| $1.295 million | 2013 | Serial | 4% | 106.122
|
| $1.345 million | 2014 | Serial | 4% | 108.034
|
| $1.4 million | 2015 | Serial | 5% | 112.411
|
| $1.47 million | 2016 | Serial | 5% | 113.536
|
| $1.545 million | 2017 | Serial | 5% | 113.723
|
| $1.62 million | 2018 | Serial | 5% | 113.28
|
| $1.705 million | 2019 | Serial | 5% | 112.387
|
| $7.625 million | 2020 | Serial | 5% | 111.002
|
| $14.39 million | 2021 | Serial | 5% | 109.642
|
| $15.105 million | 2022 | Serial | 5% | 107.746
|
| $15.855 million | 2023 | Serial | 5% | 106.224
|
| $16.65 million | 2024 | Serial | 5% | 105.556
|
| $17.48 million | 2025 | Serial | 5.75% | 110.228
|
| $18.49 million | 2026 | Serial | 5% | 102.612
|
| $19.415 million | 2027 | Serial | 5% | 101.493
|
| $20.38 million | 2028 | Serial | 5% | 100.782
|
| $21.4 million | 2029 | Serial | 5% | 100
|
| $22.47 million | 2030 | Serial | 5.25% | 101.007
|
| $23.65 million | 2031 | Serial | 5% | 97.41
|
| $50.905 million | 2033 | Term | 5% | 96.76
|
| $86.51 million | 2036 | Term | 5.25% | 99.038
|
|
|
| $90.375 million series 2011T-2
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.96 million | 2012 | Serial | 0.63% | NRO
|
| $10.02 million | 2013 | Serial | 1.1% | NRO
|
| $10.13 million | 2014 | Serial | 1.48% | 100
|
| $10.28 million | 2015 | Serial | 2.24% | 100
|
| $10.515 million | 2016 | Serial | 2.59% | 100
|
| $10.785 million | 2017 | Serial | 3.04% | 100
|
| $11.115 million | 2018 | Serial | 3.39% | 100
|
| $11.49 million | 2019 | Serial | 3.7% | 100
|
| $6.08 million | 2020 | Serial | 3.95% | 100
|
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