Published on 10/10/2013 in the Prospect News Municipals Daily.
New Issue: Washington State offers up $223.88 million of general obligation bonds
By Sheri Kasprzak
New York, Oct. 10 - The State of Washington priced $223.88 million of series R-2014 general obligation bonds, according to a pricing sheet.
The offering includes $117,905,000 of series R-2014A various purpose G.O. refunding bonds and $105,975,000 of series R-2014B motor vehicle tax G.O. refunding bonds.
The bonds (Aa1/AA+/AA+) were sold competitively with J.P. Morgan Securities LLC taking the series R-2014A bonds at a 1.37% true interest cost and the series R-2014B bonds at a 1.43% TIC.
The series R-2014A bonds are due 2014 to 2020 with 2% to 5% coupons and 0.18% to 1.92% yields.
The series R-2014B bonds are due 2014 to 2021 with 2% to 5% coupons and 0.18% to 2.24% yields.
Proceeds will be used to refund the state's series R-2004A and R-2004C various purpose G.O. refunding bonds and refund the series R-2004B and series R-2004D motor vehicle tax G.O. refunding bonds.
| Issuer: | State of Washington
|
| Issue: | Series R-2014 general obligation bonds
|
| Amount: | $223.88 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 1.37% (for R-2014A), 1.43% (for R-2014B)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 24
|
|
|
| $117,905,000 series R-2014A various purpose G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $14,745,000 | 2014 | Serial | 2% | 101.247 | 0.18%
|
| $15,135,000 | 2015 | Serial | 3% | 104.502 | 0.32%
|
| $15.79 million | 2016 | Serial | 5% | 111.791 | 0.57%
|
| $16,615,000 | 2017 | Serial | 5% | 114.713 | 0.93%
|
| $17,525,000 | 2018 | Serial | 5% | 116.716 | 1.31%
|
| $18,525,000 | 2019 | Serial | 5% | 118.168 | 1.64%
|
| $19.57 million | 2020 | Serial | 5% | 119.236 | 1.92%
|
|
|
| $105,975,000 series R-2014B motor vehicle tax G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13.33 million | 2014 | Serial | 2% | 101.247 | 0.18%
|
| $13.67 million | 2015 | Serial | 3% | 104.502 | 0.32%
|
| $14.24 million | 2016 | Serial | 5% | 111.791 | 0.57%
|
| $14,995,000 | 2017 | Serial | 5% | 114.713 | 0.93%
|
| $15.77 million | 2018 | Serial | 5% | 116.716 | 1.31%
|
| $16,605,000 | 2019 | Serial | 5% | 118.168 | 1.64%
|
| $11,035,000 | 2020 | Serial | 5% | 119.236 | 1.92%
|
| $6.33 million | 2021 | Serial | 5% | 119.385 | 2.24%
|
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