By Sheri Kasprzak
New York, July 20 - The State of Washington sold $656.96 million of series 2012 general obligation bonds on Wednesday, according to a pricing sheet.
The offering included $390.845 million of series 2012A various-purpose G.O. bonds, $238.375 million of series 2012B-1 motor vehicle fuel tax G.O. bonds and $27.74 million of series 2012T taxable G.O. bonds.
The bonds (Aa1/AA+/AA+) were sold competitively. Citigroup Global Markets Inc. won the 2012A tax-exempt G.O.s with a true interest cost of 4.052596%. Bank of America Merrill Lynch took the series 2012B-1 motor vehicle fuel tax G.O.s at a 4.261237% TIC. J.P. Morgan Securities LLC won the taxable bonds at a 0.68175% TIC.
The 2012A bonds are due 2014 to 2036 with 3% to 5% coupons. The 2012B-1 bonds are due 2012, 2014 and 2020 to 2041 with 2% to 5% coupons. The 2012T bonds are due 2012 to 2014 with 0.3% to 0.85% coupons.
Proceeds will be used to pay or reimburse the state for various capital projects, state buildings and higher education institutions and Columbia River Basin water supply development, farmland preservation, riparian protection and outdoor recreation.
| Issuer: | State of Washington
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $656.96 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2012A); Bank of America Merrill Lynch (winner for 2012B-1); J.P. Morgan Securities LLC (winner for 2012T)
|
| TIC: | 4.052596% (for 2012A); 4.261237% (for 2012B-1); 0.68175% (for 2012T)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 3
|
|
|
| $390.845 million series 2012A various purpose G.O.s
|
| Amount | Maturity | Type | Coupon | Price
|
| $995,000 | 2014 | Serial | 3% | 106.816
|
| $10.11 million | 2015 | Serial | 5% | 115.859
|
| $10.63 million | 2016 | Serial | 5% | NRO
|
| $11.175 million | 2017 | Serial | 5% | 119.251
|
| $11.745 million | 2018 | Serial | 5% | NRO
|
| $12.35 million | 2019 | Serial | 5% | NRO
|
| $12.98 million | 2020 | Serial | 5% | NRO
|
| $13.65 million | 2021 | Serial | 5% | NRO
|
| $14.345 million | 2022 | Serial | 5% | 116.886
|
| $15.085 million | 2023 | Serial | 5% | 115.208
|
| $15.855 million | 2024 | Serial | 5% | 113.922
|
| $16.67 million | 2025 | Serial | 5% | 112.744
|
| $17.435 million | 2026 | Serial | 4% | NRO
|
| $18.145 million | 2027 | Serial | 4% | 101.985
|
| $18.985 million | 2028 | Serial | 5% | 110.168
|
| $19.96 million | 2029 | Serial | 5% | 109.383
|
| $20.98 million | 2030 | Serial | 5% | NRO
|
| $22 million | 2031 | Serial | 4.5% | 102.593
|
| $23.075 million | 2032 | Serial | 5% | 106.646
|
| $24.255 million | 2033 | Serial | 5% | 105.974
|
| $25.5 million | 2034 | Serial | 5% | 105.391
|
| $26.81 million | 2035 | Serial | 5% | 104.977
|
| $28.11 million | 2036 | Serial | 4.5% | 98.523
|
|
|
| $238.375 million series 2011B-1 motor vehicle fuel tax bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.395 million | 2012 | Serial | 2% | 101.797
|
| $41.89 million | 2014 | Serial | 4% | 109.685
|
| $4.275 million | 2020 | Serial | 5% | 118.355
|
| $4.91 million | 2021 | Serial | 5% | 118.497
|
| $3.01 million | 2022 | Serial | 5% | 116.23
|
| $4.565 million | 2023 | Serial | 5% | 114.747
|
| $6.77 million | 2024 | Serial | 5% | 113.467
|
| $7.12 million | 2025 | Serial | 5% | 112.295
|
| $7.49 million | 2026 | Serial | 5% | 111.492
|
| $7.83 million | 2027 | Serial | 4% | 101.567
|
| $8.15 million | 2028 | Serial | 4% | 100.821
|
| $8.48 million | 2029 | Serial | 4% | 100
|
| $8.83 million | 2030 | Serial | 4% | 98.689
|
| $6.32 million | 2031 | Serial | 4% | 97.311
|
| $9.58 million | 2032 | Serial | 4.25% | 99.313
|
| $10.035 million | 2033 | Serial | 5% | 105.807
|
| $10.545 million | 2034 | Serial | 5% | 105.059
|
| $11.085 million | 2035 | Serial | 5% | 104.4
|
| $5.915 million | 2036 | Serial | 4.5% | 98.523
|
| $12.15 million | 2037 | Serial | 4.5% | 97.75
|
| $12.74 million | 2038 | Serial | 5% | 103.664
|
| $13.4 million | 2039 | Serial | 5% | 103.583
|
| $14.085 million | 2040 | Serial | 5% | 103.501
|
| $14.805 million | 2041 | Serial | 5% | 103.42
|
|
|
| $27.74 million series 2011T taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.655 million | 2012 | Serial | 0.3% | 100
|
| $9.695 million | 2013 | Serial | 0.6% | 100
|
| $8.39 million | 2014 | Serial | 0.85% | 100.059
|
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