Published on 2/28/2012 in the Prospect News Municipals Daily.
New Issue: Washington state brings $442.5 million of general obligation bonds
By Sheri Kasprzak
New York, Feb. 28 - The State of Washington priced $442,495,000 of series 2012 general obligation bonds Tuesday in two tranches, according to a pricing sheet. The offering was downsized from $534.67 million.
The deal included $362.56 million of series 2012D various purpose G.O. bonds and $79,935,000 of series 2012E motor vehicle fuel tax G.O. bonds.
The bonds (Aa1/AA+/AA+) were sold competitively. Citigroup Global Markets Inc. was the winning bidder for the 2012D bonds, and Bank of America Merrill Lynch was the winning bidder for the 2012E bonds.
The 2012D bonds are due 2013 to 2035 with a term bond due in 2037. The serial coupons range from 2% to 5%. The 2037 bonds have a 4% coupon but were not reoffered.
The 2012E bonds are due 2013 to 2022 with 4% to 5% coupons.
Proceeds will be used to pay and reimburse state expenditures for various capital projects, state buildings and facilities for institutions of higher education and state programs for Columbia River Basin water supply development, Hood Canal aquatic rehabilitation, outdoor recreation, riparian protection and habitation conservation. Funds will also be used to pay expenditures for the construction of selected projects or improvements that are identified as transportation 2003 projects or improvements in the 2003 omnibus transportation budget and for the construction of selected projects or improvements that are identified as 2005 transportation partnership projects or improvements in the 2005 omnibus transportation budget.
| Issuer: | State of Washington
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $442,495,000
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2012D bonds); Bank of America Merrill Lynch (winner for 2012E)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 9
|
|
|
| $362.56 million series 2012D various purpose general obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9,835,000 | 2013 | Serial | 2% | NRO
|
| $8,315,000 | 2014 | Serial | 3% | NRO
|
| $8.57 million | 2015 | Serial | 5% | NRO
|
| $8,995,000 | 2016 | Serial | 5% | 116.616
|
| $9.44 million | 2017 | Serial | 5% | 119.853
|
| $9,915,000 | 2018 | Serial | 5% | 121.879
|
| $10,415,000 | 2019 | Serial | 5% | 123.357
|
| $10,935,000 | 2020 | Serial | 5% | 124.281
|
| $11,485,000 | 2021 | Serial | 5% | 125.164
|
| $12,055,000 | 2022 | Serial | 5% | 125.785
|
| $12,655,000 | 2023 | Serial | 5% | 124.37
|
| $13,285,000 | 2024 | Serial | 5% | 123.072
|
| $13,955,000 | 2025 | Serial | 5% | 122.085
|
| $14,645,000 | 2026 | Serial | 5% | 121.011
|
| $15,385,000 | 2027 | Serial | 2.75% | NRO
|
| $15,805,000 | 2028 | Serial | 4% | 108.861
|
| $16,445,000 | 2029 | Serial | 4% | 108.147
|
| $17.1 million | 2030 | Serial | 4% | 107.351
|
| $17.78 million | 2031 | Serial | 4% | 106.561
|
| $18,485,000 | 2032 | Serial | 5% | 116.265
|
| $19.41 million | 2033 | Serial | 5% | 115.435
|
| $20.39 million | 2034 | Serial | 5% | 114.611
|
| $21,405,000 | 2035 | Serial | 5% | NRO
|
| $45,855,000 | 2037 | Term | 4% | NRO
|
|
|
| $79,935,000 series 2012E motor vehicle fuel tax general obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.08 million | 2013 | Serial | 4% | 103.458
|
| $3,315,000 | 2014 | Serial | 4% | 106.865
|
| $3.45 million | 2015 | Serial | 5% | 112.698
|
| $3.62 million | 2016 | Serial | 5% | 116.406
|
| $3,805,000 | 2017 | Serial | 5% | 119.428
|
| $3,995,000 | 2018 | Serial | 5% | 121.434
|
| $4,195,000 | 2019 | Serial | 5% | 122.915
|
| $44 million | 2020 | Serial | 5% | 123.615
|
| $4.62 million | 2021 | Serial | 5% | 124.423
|
| $4,855,000 | 2022 | Serial | 5% | 125.277
|
© 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.
