Published on 8/13/2012 in the Prospect News Municipals Daily.
New Issue: Washington state prices $732.61 million of G.O. bonds
By Sheri Kasprzak
New York, Aug. 13 - The State of Washington sold $732.61 million of series R-2013 general obligation bonds, said a pricing sheet.
The offering included $352.22 million of series R-2013A various purpose G.O. bonds and $380.39 million of series R-2013B motor vehicle fuel tax G.O. bonds.
The R-2013A bonds are due 2013 and 2016 to 2030 with 3% to 5% coupons. The R-2013B bonds are due 2013 to 2030 with 3% to 5% coupons.
The bonds (/AA+/AA+) were sold competitively. Citigroup Global Markets Inc. won the bid for the R-2013A bonds with a 2.59% true interest cost. Bank of America Merrill Lynch won the bid for the R-2013B bonds with a 2.52% TIC.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | State of Washington
|
| Issue: | Series R-2013 general obligation bonds
|
| Amount: | $732.61 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for R-2013A bonds), Bank of America Merrill Lynch (winner for R-2013B bonds)
|
| TICs: | 2.59% for R-2013A bonds and 2.52% for R-2013B bonds
|
| Ratings: | Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Aug. 7
|
| Settlement date: | Sept. 6
|
|
|
| $352.22 million series R-2013A various purpose G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,855,000 | 2013 | Serial | 3% | 100.893
|
| $17,705,000 | 2016 | Serial | 5% | 116.382
|
| $18.61 million | 2017 | Serial | 5% | 119.554
|
| $19.56 million | 2018 | Serial | 5% | 121.861
|
| $20.58 million | 2019 | Serial | 5% | 123.481
|
| $21,625,000 | 2020 | Serial | 5% | 124.977
|
| $22,735,000 | 2021 | Serial | 5% | 125.892
|
| $23,905,000 | 2022 | Serial | 5% | 127.236
|
| $25,125,000 | 2023 | Serial | 5% | 125.81
|
| $26,415,000 | 2024 | Serial | 5% | 124.803
|
| $27,625,000 | 2025 | Serial | 4% | 112.8
|
| $28.76 million | 2026 | Serial | 4% | 111.601
|
| $29,925,000 | 2027 | Serial | 4% | 110.871
|
| $31,135,000 | 2028 | Serial | 4% | 110.236
|
| $18.01 million | 2029 | Serial | 3% | 99.343
|
| $18.65 million | 2030 | Serial | 4% | 108.98
|
|
|
| $380.39 million series R-2013B motor vehicle fuel tax G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.88 million | 2013 | Serial | 3% | 100.893
|
| $4,015,000 | 2013 | Serial | 3% | 102.274
|
| $4.19 million | 2014 | Serial | 5% | 108.349
|
| $5,535,000 | 2015 | Serial | 5% | 112.342
|
| $21,675,000 | 2016 | Serial | 5% | 116.259
|
| $22,975,000 | 2017 | Serial | 5% | 119.45
|
| $24,315,000 | 2018 | Serial | 5% | 121.421
|
| $23.53 million | 2019 | Serial | 5% | 122.823
|
| $21.48 million | 2020 | Serial | 5% | 124.147
|
| $22,815,000 | 2021 | Serial | 5% | 125.244
|
| $24.15 million | 2022 | Serial | 5% | 126.521
|
| $25.43 million | 2023 | Serial | 5% | 125.305
|
| $26.91 million | 2024 | Serial | 5% | 124.303
|
| $28.22 million | 2025 | Serial | 5% | 123.607
|
| $29.62 million | 2026 | Serial | 5% | 122.916
|
| $30.93 million | 2027 | Serial | 3% | 100
|
| $31.98 million | 2028 | Serial | 3% | 99.001
|
| $17.21 million | 2029 | Serial | 3% | 98.05
|
| $12.53 million | 2030 | Serial | 3.125% | 98.316
|
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