Published on 5/24/2012 in the Prospect News Municipals Daily.
New Issue: Washington state brings $500.4 million grant anticipation revenue bonds
By Sheri Kasprzak
New York, May 24 - The State of Washington came to market with $500.4 million of series 2012F federal highway grant anticipation revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through Citigroup Global Markets Inc. and Bank of America Merrill Lynch.
The bonds are due 2015 to 2024 with 3% to 5% coupons.
Proceeds will be used to finance the costs of improvements and bridge construction on State Road 520, a 12.8-mile that stretches from Interstate 5 in Seattle to State Road 202 in Redmond, Wash.
| Issuer: | State of Washington
|
| Issue: | Series 2012F federal highway grant anticipation revenue bonds
|
| Amount: | $500.4 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Bank of America Merrill Lynch (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | May 23
|
| Settlement date: | June 6
|
|
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.35 million | 2015 | Serial | 3% | 107.346
|
| $38.51 million | 2015 | Serial | 5% | 113.734
|
| $1.1 million | 2016 | Serial | 3% | 108.664
|
| $40.73 million | 2016 | Serial | 5% | 116.956
|
| $1,325,000 | 2017 | Serial | 3% | 109.001
|
| $42.57 million | 2017 | Serial | 5% | 119.115
|
| $1.15 million | 2018 | Serial | 4% | 114.635
|
| $44,915,000 | 2018 | Serial | 5% | 120.561
|
| $650,000 | 2019 | Serial | 4% | 115.374
|
| $47,705,000 | 2019 | Serial | 5% | 122.148
|
| $1.85 million | 2020 | Serial | 4% | 114.869
|
| $48.92 million | 2020 | Serial | 5% | 122.418
|
| $1.4 million | 2021 | Serial | 4% | 114.607
|
| $51.89 million | 2021 | Serial | 5% | 122.908
|
| $800,000 | 2022 | Serial | 4% | 114.052
|
| $55.14 million | 2022 | Serial | 5% | 123.06
|
| $58.73 million | 2023 | Serial | 5% | 122.922
|
| $5 million | 2024 | Serial | 4% | 112.909
|
| $56,665,000 | 2024 | Serial | 5% | 123.239
|
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