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Washington state organizes $1.19 billion general obligation bond sale
By Sheri Kasprzak
New York, June 16 – The State of Washington plans to sell $1,199,215,000 of series 2015 general obligation bonds on June 25 in four tranches, according to a preliminary official statement.
The offering includes $231,005,000 of series 2015A various purpose G.O. bonds, $445.23 million of series R-2015A various purpose G.O. refunding bonds, $85.98 million of series 2015T taxable G.O.s and $437 million of series R-2015B motor vehicle fuel tax G.O. refunding bonds.
The bonds (Aa1/AA+/AA+) will be sold through both negotiated and competitive sales. BofA Merrill Lynch is the senior underwriter for the 2015A-2 various purpose G.O. bonds. The remainder will be sold competitively with Montague De Rose & Associates LLC, Piper Jaffray & Co. and Seattle-Northwest Co. as the financial advisers.
The 2015A bonds are due 2015 to 2039. The series R-2015A bonds are due 2015 to 2027. The series 2015T bonds are due 2015 to 2027. The series R-2015B bonds are due 2015 to 2027.
Proceeds will be used to finance capital projects, including new school construction, as well as to refund existing G.O. debt.
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