New Issue: Colorado offers up $500 million tax and revenue anticipation notes

By Sheri Kasprzak

New York, July 15 – The State of Colorado priced $500 million of series 2014A general fund tax and revenue anticipation notes, according to a pricing sheet.

The notes (MIG1/SP-1+/) were sold competitively.

Barclays took a $100 million portion at a 0.11092% true interest cost, and BofA Merrill Lynch took a $100 million piece at a 0.1137% TIC. Morgan Stanley & Co. LLC also took a $100 million portion at a 0.11497% TIC, and J.P. Morgan Securities LLC won a $200 million piece at a 0.11668% TIC.

The weighted average TIC was 0.11459%.

The notes are all due June 26, 2015. A $100 million portion has a 1% coupon priced at 100.825, and another $100 million piece has a 2% coupon priced at par. Another $100 million piece has a 3% coupon priced at 102.679, and the $200 million portion has a 1.5% coupon priced at 101.283.

Proceeds will be used to finance anticipated general fund cash shortfalls for the 2014-2015 fiscal year.

Issuer:	State of Colorado
Issue:	Series 2014A general fund tax and revenue anticipation notes
Amount:	$500 million
Type:	Competitive
Underwriters:	Barclays (for $100 million), BofA Merrill Lynch (for $100 million), Morgan Stanley & Co. LLC (for $100 million), J.P. Morgan Securities LLC (for $200 million)
Weighted average TIC:	0.11459%
Ratings:	Moody’s: MIG1
	Standard & Poor’s: SP-1+
Pricing date:	July 15
Settlement date:	July 22
Amount	Maturity	Type	Coupon	Price
$100 million	June 26, 2015	Term	1%	100.825
$100 million	June 26, 2015	Term	2%	100
$100 million	June 26, 2015	Term	3%	102.679
$200 million	June 26, 2015	Term	1.5%	101.283

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