Published on 1/21/2015 in the Prospect News Municipals Daily.
New Issue: Washington prices $999.26 million general obligation debt competitively
By Sheri Kasprzak
New York, Jan. 21 – The State of Washington priced $999.26 million of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $281.75 million of series 2015B various purpose G.O. bonds, $200.63 million of series 2015C motor vehicle tax G.O. bonds, $58.12 million of series 2015T-2 taxable bonds and $458.76 million of series R-2015E various purpose G.O. refunding bonds.
The 2015B bonds are due 2022 to 2040 with 5% coupons and yields from 1.65% to 2.84%.
The 2015C bonds are due 2016 to 2040 with 5% coupons.
The 2015T-2 bonds are due 2016 to 2022 with 0.30% to 2.19% coupons all priced at par.
The R-2015E bonds are due 2015 and 2018 to 2033 with 5% coupons.
The bonds (Aa1/AA+/AA+) were sold competitively. Morgan Stanley & Co. LLC won the series 2015B bonds at a 3.37% true interest cost. BofA Merrill Lynch took the 2015C bonds at a 3.26% TIC. Wells Fargo Bank, NA took the 2015T-2 bonds at a 1.58% TIC and BofA Merrill Lynch took the R-2015E bonds at a 2.67% TIC.
Proceeds will be used to finance state capital projects and refund existing G.O. debt.
| Issuer: | State of Washington
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $999.26 million
|
| Type: | Competitive
|
| Underwriters: | Morgan Stanley & Co. LLC (for 2015B), BofA Merrill Lynch (for 2015C), Wells Fargo Bank, NA (for 2015T-2) and BofA Merrill Lynch (for R-2015E)
|
| TIC: | 3.37% (for 2015B), 3.26% (for 2015C), 1.58% (for 2015T-2), 2.67% (for R-2015E)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Jan. 21
|
| Settlement date: | Feb. 4
|
|
|
| $281.75 million series 2015B various purpose G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.48 million | 2022 | Serial | 5% | 122.035 | 1.65%
|
| $9.82 million | 2023 | Serial | 5% | 123.635 | 1.81%
|
| $10.31 million | 2024 | Serial | 5% | 124.949 | 1.96%
|
| $10,825,000 | 2025 | Serial | 5% | 126.426 | 2.06%
|
| $11.37 million | 2026 | Serial | 5% | 125.502 | 2.15%
|
| $11,935,000 | 2027 | Serial | 5% | 124.586 | 2.24%
|
| $12,535,000 | 2028 | Serial | 5% | 123.677 | 2.33%
|
| $13.16 million | 2029 | Serial | 5% | 122.976 | 2.40%
|
| $13.82 million | 2030 | Serial | 5% | 122.478 | 2.45%
|
| $14.51 million | 2031 | Serial | 5% | 121.982 | 2.50%
|
| $15,235,000 | 2032 | Serial | 5% | 121.489 | 2.55%
|
| $15,995,000 | 2033 | Serial | 5% | 120.998 | 2.60%
|
| $16,795,000 | 2034 | Serial | 5% | 120.607 | 2.64%
|
| $17,635,000 | 2035 | Serial | 5% | 120.218 | 2.68%
|
| $18.52 million | 2036 | Serial | 5% | 119.443 | 2.76%
|
| $19,445,000 | 2037 | Serial | 5% | 119.251 | 2.78%
|
| $20,415,000 | 2038 | Serial | 5% | 119.058 | 2.80%
|
| $21,435,000 | 2039 | Serial | 5% | 118.866 | 2.82%
|
| $22.51 million | 2040 | Serial | 5% | 118.675 | 2.84%
|
|
|
| $200.63 million series 2015C motor vehicle tax G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.39 million | 2016 | Serial | 5% | 104.804
|
| $4.49 million | 2017 | Serial | 5% | 108.844
|
| $4.67 million | 2018 | Serial | 5% | 112.486
|
| $4,855,000 | 2019 | Serial | 5% | 115.741
|
| $5,105,000 | 2020 | Serial | 5% | 118.624
|
| $5,355,000 | 2021 | Serial | 5% | 120.684
|
| $5,625,000 | 2022 | Serial | 5% | 122.627
|
| $5.9 million | 2023 | Serial | 5% | 124.308
|
| $6.2 million | 2024 | Serial | 5% | 125.888
|
| $6.51 million | 2025 | Serial | 5% | 127.463
|
| $6.84 million | 2026 | Serial | 5% | 126.015
|
| $7.18 million | 2027 | Serial | 5% | 124.586
|
| $7.54 million | 2028 | Serial | 5% | 123.176
|
| $7,915,000 | 2029 | Serial | 5% | 122.478
|
| $8.31 million | 2030 | Serial | 5% | 121.982
|
| $8,725,000 | 2031 | Serial | 5% | 121.489
|
| $9.16 million | 2032 | Serial | 5% | 120.998
|
| $9,615,000 | 2033 | Serial | 5% | 120.51
|
| $10,095,000 | 2034 | Serial | 5% | 120.121
|
| $10.61 million | 2035 | Serial | 5% | 119.733
|
| $11.14 million | 2036 | Serial | 5% | 119.347
|
| $11,695,000 | 2037 | Serial | 5% | 119.155
|
| $12.28 million | 2038 | Serial | 5% | 118.962
|
| $12.89 million | 2039 | Serial | 5% | 118.771
|
| $13,535,000 | 2040 | Serial | 5% | 118.579
|
|
|
| $58.12 million series 2015T-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,955,000 | 2016 | Serial | 0.30% | 100
|
| $8.86 million | 2017 | Serial | 0.65% | 100
|
| $8.92 million | 2018 | Serial | 0.98% | 100
|
| $9,005,000 | 2019 | Serial | 1.35% | 100
|
| $9,125,000 | 2020 | Serial | 1.65% | 100
|
| $9,275,000 | 2021 | Serial | 1.97% | 100
|
| $3.98 million | 2022 | Serial | 2.19% | 100
|
|
|
| $458.76 million series R-2015E various purpose G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $470,000 | 2015 | Serial | 5% | 101.916
|
| $13,255,000 | 2018 | Serial | 5% | 114.056
|
| $31,645,000 | 2019 | Serial | 5% | 117.207
|
| $33.38 million | 2020 | Serial | 5% | 119.84
|
| $35,205,000 | 2021 | Serial | 5% | 121.58
|
| $37,125,000 | 2022 | Serial | 5% | 123.347
|
| $21,515,000 | 2023 | Serial | 5% | 125.041
|
| $22.62 million | 2024 | Serial | 5% | 126.59
|
| $23.77 million | 2025 | Serial | 5% | 126.944
|
| $25 million | 2026 | Serial | 5% | 125.512
|
| $26.28 million | 2027 | Serial | 5% | 124.3
|
| $27.63 million | 2028 | Serial | 5% | 123.4
|
| $29,035,000 | 2029 | Serial | 5% | 122.804
|
| $30.53 million | 2030 | Serial | 5% | 121.818
|
| $32,095,000 | 2031 | Serial | 5% | 121.329
|
| $33.74 million | 2032 | Serial | 5% | 120.842
|
| $35,465,000 | 2033 | Serial | 5% | 120.358
|
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