Published on 10/15/2014 in the Prospect News Municipals Daily.
New Issue: Washington State brings $894.18 million of upsized G.O. refunding bonds
By Sheri Kasprzak
New York, Oct. 15 – The State of Washington priced $894,175,000 of series 2015 general obligation refunding bonds, according to a pricing sheet. The deal was upsized from $764.66 million.
The deal included $592.42 million of series R-2015C various purpose G.O.s and $301,755,000 series R-2015D motor vehicle fuel tax G.O. bonds.
The 2015C bonds are due 2015 to 2024 and 2027 to 2032 with 4% to 5% coupons and 0.08% to 2.52% yields.
The 2015D bonds are due 2015 to 2024 and 2027 to 2032 with 1% to 5% coupons and yields from 0.08% to 2.49%.
The bonds (Aa1/AA+/AA+) were sold competitively.
Proceeds will be used to refund the state’s series 2005A, 2007C, 2007F, 2008A and 2008C various purpose G.O. bonds and its series R-2005B, 2007D, 2008B and 2008D motor vehicle fuel tax G.O. bonds.
| Issuer: | State of Washington
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| Issue: | Series 2015 general obligation refunding bonds
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| Amount: | $894,175,000
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| Type: | Competitive
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| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
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| Fitch: AA+
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| Pricing date: | Oct. 15
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| Settlement date: | Nov. 6
|
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| $592.42 million series R-2015C various purpose G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.85 million | 2015 | Serial | 4% | 100.598 | 0.08%
|
| $18,605,000 | 2015 | Serial | 4% | 102.534 | 0.115%
|
| $19.36 million | 2016 | Serial | 4% | 106.06 | 0.32%
|
| $20,275,000 | 2017 | Serial | 5% | 111.73 | 0.54%
|
| $21,275,000 | 2018 | Serial | 4% | 111.496 | 0.80%
|
| $22,335,000 | 2019 | Serial | 5% | 117.939 | 1.04%
|
| $23,555,000 | 2020 | Serial | 5% | 120.161 | 1.29%
|
| $24,855,000 | 2021 | Serial | 5% | 121.938 | 1.52%
|
| $13,385,000 | 2022 | Serial | 5% | 123.422 | 1.72%
|
| $14.06 million | 2023 | Serial | 5% | 125.349 | 1.82%
|
| $14,775,000 | 2024 | Serial | 5% | 127.219 | 1.90%
|
| $55,075,000 | 2027 | Serial | 5% | 125.039 | 2.23%
|
| $57.9 million | 2028 | Serial | 5% | 124.525 | 2.28%
|
| $60.85 million | 2029 | Serial | 5% | 124.013 | 2.33%
|
| $85,385,000 | 2030 | Serial | 5% | 123.402 | 2.39%
|
| $89,725,000 | 2031 | Serial | 5% | 122.693 | 2.46%
|
| $70.71 million | 2032 | Serial | 5% | 122.09 | 2.52%
|
|
|
| $301,755,000 series 2015D motor vehicle fuel tax G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,985,000 | 2015 | Serial | 1% | 100.14 | 0.08%
|
| $5,545,000 | 2015 | Serial | 1% | 100.577 | 0.115%
|
| $5.65 million | 2016 | Serial | 3% | 104.43 | 0.31%
|
| $5.84 million | 2017 | Serial | 4% | 109.183 | 0.51%
|
| $6.11 million | 2018 | Serial | 5% | 115.284 | 0.75%
|
| $6.44 million | 2019 | Serial | 5% | 118.039 | 1.02%
|
| $6,785,000 | 2020 | Serial | 5% | 120.282 | 1.27%
|
| $7,165,000 | 2021 | Serial | 5% | 121.938 | 1.52%
|
| $1,475,000 | 2022 | Serial | 5% | 123.261 | 1.74%
|
| $1.54 million | 2023 | Serial | 5% | 124.986 | 1.86%
|
| $1.6 million | 2024 | Serial | 5% | 126.715 | 1.95%
|
| $37.32 million | 2027 | Serial | 5% | 125.556 | 2.18%
|
| $39.26 million | 2028 | Serial | 5% | 124.833 | 2.25%
|
| $41,235,000 | 2029 | Serial | 5% | 124.32 | 2.30%
|
| $42.39 million | 2030 | Serial | 5% | 123.707 | 2.36%
|
| $44,565,000 | 2031 | Serial | 5% | 122.996 | 2.43%
|
| $46.85 million | 2032 | Serial | 5% | 122.391 | 2.49%
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