Published on 2/27/2013 in the Prospect News Municipals Daily.
New Issue: Washington State brings $125.38 million of COPs in three tranches
By Sheri Kasprzak
New York, Feb. 27 - The State of Washington sold $125,375,000 of series 2013 certificates of participation.
The deal included $60.65 million of series 2013A COPs, $25.41 million of series 2013B refunding COPs and $39,315,000 of series 2013C taxable COPs.
The 2013A certificates are due 2014 to 2028 with 2% to 5% coupons. The 2013B COPs are due 2014 to 2024 with coupons from 4% to 5%. The 2013C certificates are due 2014 to 2020 with 0.30% to 1.70% coupons.
The certificates (Aa2) were sold competitively. J.P. Morgan Securities LLC won the bid for the 2013A COPs at a 2.289711% true interest cost and BMO Capital Markets LLC won the 2013B certificates at a 1.708324% TIC. The 2013C COPs were won by JPMorgan at a 1.271098% TIC.
Proceeds will be used to acquire properties for certain state and local governments, and to refund existing COPs.
| Issuer: | State of Washington
|
| Issue: | Series 2013 certificates of participation
|
| Amount: | $125,375,000
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (winner for 2013A and 2013C), BMO Capital Markets LLC (winner for 2013B)
|
| True interest cost: | 2.289711% (for 2013A), 1.708324% (for 2013B), 1.271098% (for 2013C)
|
| Rating: | Moody's: Aa2
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 19
|
|
|
| $60.65 million series 2013A COPs
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.05 million | 2014 | Serial | 2% | 102.214
|
| $5.21 million | 2015 | Serial | 3% | 105.715
|
| $5.37 million | 2016 | Serial | 4% | 110.795
|
| $5.31 million | 2017 | Serial | 5% | 117.418
|
| $4.55 million | 2018 | Serial | 5% | 119.678
|
| $3.18 million | 2019 | Serial | 5% | 121.244
|
| $3.18 million | 2020 | Serial | 5% | 122.054
|
| $3,165,000 | 2021 | Serial | 5% | 122.793
|
| $3,325,000 | 2022 | Serial | 5% | 123.865
|
| $3.5 million | 2023 | Serial | 5% | 124.079
|
| $3,425,000 | 2024 | Serial | 5% | 123.052
|
| $3.6 million | 2025 | Serial | 5% | 122.237
|
| $3,785,000 | 2026 | Serial | 5% | 121.429
|
| $3.94 million | 2027 | Serial | 3% | 98.85
|
| $4.06 million | 2028 | Serial | 3% | 97.594
|
|
|
| $25.41 million series 2013B refunding COPs
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,905,000 | 2014 | Serial | 5% | 105.975
|
| $2,315,000 | 2015 | Serial | 4% | 107.935
|
| $2,415,000 | 2016 | Serial | 5% | 114.002
|
| $2,555,000 | 2017 | Serial | 5% | 117.326
|
| $2.67 million | 2018 | Serial | 5% | 119.792
|
| $2.8 million | 2019 | Serial | 4% | 115.976
|
| $2,915,000 | 2020 | Serial | 4% | 116.137
|
| $2.32 million | 2021 | Serial | 4% | 116.105
|
| $2.41 million | 2022 | Serial | 4% | 115.673
|
| $2.44 million | 2023 | Serial | 4% | 114.893
|
| $665,000 | 2024 | Serial | 4% | 114.665
|
|
|
| $39,315,000 series 2013C taxable COPs
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,425,000 | 2014 | Serial | 0.30% | 100
|
| $5,545,000 | 2015 | Serial | 0.40% | 99.818
|
| $5,565,000 | 2016 | Serial | 0.65% | 99.837
|
| $5,605,000 | 2017 | Serial | 0.90% | 99.706
|
| $5,655,000 | 2018 | Serial | 1.15% | 99.642
|
| $5.72 million | 2019 | Serial | 1.45% | 99.581
|
| $5.8 million | 2020 | Serial | 1.70% | 99.522
|
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