By Sheri Kasprzak
New York, Oct. 5 - The State of Georgia priced $653.925 million of its planned $974.98 million sale of series 2010 general obligation bonds (Aaa/AAA/AAA) on Tuesday, said Lee McElhannon, the state's bond finance director.
The state has postponed a $68.93 million tranche of series 2010A-1 and $252.125 million tranche of series 2010A-2 refunding bonds due to poor market conditions.
The sale included $170.165 million in series 2010B G.O. bonds, $360.4 million in series 2010C-1 and series 2010C-2 Build America Bonds, $94.605 million in series 2010C-3 recovery zone economic development bonds and $28.755 million in series 2010C-4 qualified school construction bonds.
Citigroup Global Markets Inc. won the 2010B, 2010C-1, 2010C-2 and 2010C-3 bonds, and Barclays Capital Inc. won the series 2010C-4 qualified school construction bonds.
The 2010B bonds are due 2011 to 2020 with 2% to 5% coupons. The 2010C-1 bonds are due 2011 to 2016 with 3% to 5% coupons. The 2010C-2 bonds are due 2017 to 2030 with 2.58% to 4.565% coupons, all priced at par. The 2010C-3 bonds are due 2013 to 2030 with 1.19% to 4.67% coupons, all priced at par. The 2010C-4 bonds are due Oct. 1, 2029 and have a 4.55% coupon priced at par.
Proceeds will be used to finance projects for state agencies, schools and departments.
| Issuer: | State of Georgia
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $653.925 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2010B, 2010C-1, 2010C-2 and 2010C-3); Barclays Capital Inc. (winner for 2010C-4)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 27
|
|
|
| $170.165 million series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 5% | NRO
|
| 2012 | Serial | 5% | NRO
|
| 2013 | Serial | 5% | NRO
|
| 2014 | Serial | 5% | 115.661
|
| 2015 | Serial | 5% | NRO
|
| 2016 | Serial | 5% | NRO
|
| 2017 | Serial | 5% | NRO
|
| 2018 | Serial | 2% | NRO
|
| 2019 | Serial | 5% | 121.677
|
| 2020 | Serial | 5% | 122.053
|
|
|
| $360.4 million series 2010C-1 and series 2010C-2
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | NRO
|
| 2012 | Serial | 5% | NRO
|
| 2013 | Serial | 5% | NRO
|
| 2014 | Serial | 5% | 115.661
|
| 2015 | Serial | 5% | NRO
|
| 2016 | Serial | 5% | NRO
|
| 2017 | Serial | 2.58% | 100
|
| 2018 | Serial | 2.97% | 100
|
| 2019 | Serial | 3.12% | 100
|
| 2020 | Serial | 3.22% | 100
|
| 2021 | Serial | 3.37% | 100
|
| 2022 | Serial | 3.57% | 100
|
| 2023 | Serial | 3.72% | 100
|
| 2024 | Serial | 3.82% | 100
|
| 2025 | Serial | 4% | 100
|
| 2026 | Serial | 4.31% | 100
|
| 2027 | Serial | 4.35% | 100
|
| 2028 | Serial | 4.425% | 100
|
| 2029 | Serial | 4.51% | 100
|
| 2030 | Serial | 4.565% | 100
|
|
|
| $94.605 million series 2010C-3
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 1.19% | 100
|
| 2014 | Serial | 1.62% | 100
|
| 2015 | Serial | 1.97% | 100
|
| 2016 | Serial | 2.29% | 100
|
| 2017 | Serial | 2.59% | 100
|
| 2018 | Serial | 2.99% | 100
|
| 2019 | Serial | 3.14% | 100
|
| 2020 | Serial | 3.24% | 100
|
| 2021 | Serial | 3.39% | 100
|
| 2022 | Serial | 3.54% | 100
|
| 2023 | Serial | 3.74% | 100
|
| 2024 | Serial | 3.84% | 100
|
| 2025 | Serial | 4% | 100
|
| 2026 | Serial | 4.3% | 100
|
| 2027 | Serial | 4.37% | 100
|
| 2028 | Serial | 4.52% | 100
|
| 2029 | Serial | 4.62% | 100
|
| 2030 | Serial | 4.67% | 100
|
|
|
| $28.755 million series 2010C-4
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2029 | Term | 4.55% | 100
|
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