Washington State preps $1.23 billion sale of G.O. bonds for Wednesday

By Sheri Kasprzak

New York, Jan. 22 - The State of Washington plans to price $1,231,300,000 of series 2013 general obligation bonds on Wednesday, according to a preliminary official statement.

The deal includes $230.58 million of series 2013D various purpose general obligation bonds, $551.91 million of series R-2013C various purpose G.O. refunding bonds, $323.45 million of series 2013E motor vehicle fuel tax G.O. bonds and $125.36 million of series R-2013D motor vehicle tax G.O. refunding bonds.

The bonds (Aa1/AA+/AA+) will be sold competitively with Montague DeRose & Associates and Seattle-Northwest Securities Corp. as the financial advisers.

The 2013D bonds are due 2014 to 2038. The R-2013C bonds are due 2013 to 2030. The 2013E bonds are due 2014 to 2043. The R-2013D bonds are due 2018 to 2030.

Proceeds will be used to fund various statewide capital projects, including transportation-related construction projects, as well as to refund existing debt for a present value savings. A portion of the proceeds will refund the state's 1996 variable-rate demand G.O. bonds.

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