By Cristal Cody
Prospect News, Jan. 31 - The state of Washington priced $978,625,000 in two upsized bond offerings on Tuesday, an informed source said.
The state sold $715.22 million, upsized from $699,075,000, of series R-2012C various purchase general obligation refunding bonds with a true interest cost of 2.622648%.
The bonds have serial maturities from 2015 through 2029 and priced with 3% to 5% coupons.
Bank of America Merrill Lynch was the winning bidder.
In the second tranche, the state sold $263,405,000, upsized from $260.14 million, of series R-2012D motor vehicle fuel tax G.O. refunding bonds with a true interest cost of 2.570007%.
The series R-2012D bonds have serial maturities from 2013 through 2039 and priced with coupons from 3% to 5%.
Wells Fargo Bank, NA was the winning bidder.
Montague DeRose and Associates, LLC and Seattle-Northwest Securities Corp. were the financial advisers.
Proceeds will be used to refund outstanding G.O. bonds.
The state of Washington also intends to sell $346,075,000 of series 2012D various purchase G.O. bonds and $188,595,000 of series 2012E motor vehicle fuel tax G.O. bonds through competitive sales on Feb. 28.
| Issuer: | State of Washington
|
| Amount: | $978,625,000
|
| Type: | Competitive
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 21
|
|
|
| Various purchase bonds
|
| Issue: | Various purchase general obligation refunding bonds
|
| Amount: | $715,220,000
|
| Maturities: | 2015-2029
|
| True interest cost: | 2.622648%
|
| Coupons: | 3%-5%
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch
|
|
|
| Fuel tax bonds
|
| Issue: | Motor vehicle fuel tax general obligation refunding bonds
|
| Amount: | $263,405,000
|
| Maturities: | 2013-2039
|
| TIC: | 2.570007%
|
| Coupons: | 3%-5%
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Bank, NA
|
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