Published on 6/13/2012 in the Prospect News Municipals Daily.
New Issue: Connecticut prices $523.75 million general obligation refunding bonds
By Sheri Kasprzak
New York, June 13 - The State of Connecticut sold $523,745,000 of series 2012C general obligation refunding bonds, according to a pricing sheet.
The bonds (Aa3/AA/AA) were sold through Wells Fargo Securities LLC and Rice Financial Products Co.
The co-managers were Citigroup Global Markets Inc., Ramirez & Co. Inc., TD Securities (USA) LLC, Bank of America Merrill Lynch, Cabrera Capital Markets LLC, Corby Capital Markets Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Jackson Securities Inc., Janney Montgomery Scott LLC, Jefferies & Co., KeyBanc Capital Markets LLC, Loop Capital Markets LLC, M.R. Beal & Co. Inc., Prager & Co. LLC, RBC Capital Markets LLC, Robert W. Baird & Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc. and William Blair & Co. Inc.
The bonds are due 2013 to 2025 with 1.75% to 5% coupons.
Proceeds will be used to refund the state's outstanding series 2001A, 2002B-D, 2002F, 2003A, 2003C, 2003E-F, 2004A and 2004C-D G.O. bonds.
| Issuer: | State of Connecticut
|
| Issue: | Series 2012C general obligation refunding bonds
|
| Amount: | $523,745,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Rice Financial Products Co. (lead), Citigroup Global Markets Inc., Ramirez & Co. Inc., TD Securities (USA) LLC, Bank of America Merrill Lynch, Cabrera Capital Markets LLC, Corby Capital Markets Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Jackson Securities Inc., Janney Montgomery Scott LLC, Jefferies & Co., KeyBanc Capital Markets LLC, Loop Capital Markets LLC, M.R. Beal & Co. Inc., Prager & Co. LLC, RBC Capital Markets LLC, Robert W. Baird & Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc. and William Blair & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | June 13
|
| Settlement date: | June 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.77 million | 2013 | Serial | 3% | 102.503
|
| $11,645,000 | 2014 | Serial | 4% | 106.746
|
| $3.03 million | 2015 | Serial | 3% | 106.731
|
| $28,095,000 | 2015 | Serial | 4% | 109.619
|
| $510,000 | 2016 | Serial | 4% | 112.248
|
| $13.26 million | 2016 | Serial | 5% | 116.1
|
| $3,565,000 | 2017 | Serial | 1.75% | 103.3
|
| $20,945,000 | 2017 | Serial | 5% | 118.846
|
| $510,000 | 2018 | Serial | 4% | 114.971
|
| $43.06 million | 2018 | Serial | 5% | 120.643
|
| $1.88 million | 2019 | Serial | 2% | 102.412
|
| $85,000 | 2019 | Serial | 4% | 115.453
|
| $45,425,000 | 2019 | Serial | 5% | 121.974
|
| $1,525,000 | 2020 | Serial | 3% | 107.977
|
| $37,165,000 | 2020 | Serial | 5% | 122.616
|
| $640,000 | 2021 | Serial | 4% | 114.945
|
| $47,405,000 | 2021 | Serial | 5% | 123.024
|
| $4,915,000 | 2022 | Serial | 2.25% | 99.645
|
| $2.32 million | 2022 | Serial | 4% | 115.099
|
| $67.67 million | 2022 | Serial | 5% | 123.929
|
| $1.2 million | 2023 | Serial | 2.375% | 99.284
|
| $300,000 | 2023 | Serial | 4% | 113.577
|
| $85.15 million | 2023 | Serial | 5% | 122.338
|
| $70,000 | 2024 | Serial | 4% | 112.173
|
| $75,435,000 | 2024 | Serial | 5% | 120.868
|
| $2.18 million | 2025 | Serial | 2.5% | 97.615
|
| $22.99 million | 2025 | Serial | 5% | 119.708
|
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