By Sheri Kasprzak
New York, July 10 - The State of Colorado priced $500 million of series 2012A general fund tax and revenue anticipation notes, said a pricing sheet.
The deal included $370 million of notes due June 27, 2013 with a 2.5% coupon priced at 102.188, $30 million of notes due June 27, 2013 with a 2% coupon priced at par and $100 million of notes due June 27, 2013 with a 2% coupon priced at 101.715.
The notes (MIG 1/SP-1+/) were sold competitively. J.P. Morgan Securities LLC won the largest chunk of the offering - $370 million - with a 0.183447% true interest cost. Goldman Sachs & Co. won the bid for $100 million of the notes with a 0.180941% TIC. Morgan Stanley & Co. LLC won the bid for $30 million of the notes with a 0.180941% TIC, according to a source close to the sale.
Proceeds will be used to finance anticipated cash shortfalls in the 2012-2013 fiscal year.
| Issuer: | State of Colorado
|
| Issue: | Series 2012A general fund tax and revenue anticipation notes
|
| Amount: | $500 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (winner for $370 million), Goldman Sachs & Co. (winner for $100 million) and Morgan Stanley & Co. LLC (winner for $30 million)
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Pricing date: | July 10
|
| Settlement date: | July 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | TIC
|
| $370 million | June 27, 2013 | Term | 2.5% | 102.188 | 0.183447%
|
| $100 million | June 27, 2013 | Term | 2% | 101.715 | 0.180941%
|
| $30 million | June 27, 2013 | Term | 2% | 100 | 0.180941%
|
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