Published on 6/21/2012 in the Prospect News Municipals Daily.
New Issue: Georgia prices $737.04 million of series 2012 general obligation bonds
By Sheri Kasprzak
New York, June 21 - The State of Georgia brought to market $737.04 million of series 2012 general obligation bonds (Aaa/AAA/AAA), according to a pricing sheet.
The offering included $520,055,000 of series 2012A G.O. bonds, $79.9 million of series 2012B G.O. taxable bonds and $137,085,000 of series 2012C G.O. refunding bonds.
The 2012A bonds are due 2013 to 2032 with 3% to 5% coupons. The 2012B bonds are due 2013 to 2032 with 0.35% to 3.3% coupons. The 2012C bonds are due 2014 and 2021 to 2023 with coupons from 4% to 5%.
J.P. Morgan Securities LLC won the competitive bid for all three tranches, according to a sellside source familiar with the deal.
Proceeds will be used to finance capital outlay projects for the state and refund existing G.O. bonds.
| Issuer: | State of Georgia
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $737.04 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | June 21
|
| Settlement date: | July 18
|
|
|
| $520,055,000 series 2012A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $26,195,000 | 2013 | Serial | 3% | 102.673
|
| $27,505,000 | 2014 | Serial | 5% | 109.103
|
| $28,875,000 | 2015 | Serial | 5% | 113.267
|
| $30.32 million | 2016 | Serial | 5% | 117.29
|
| $31.84 million | 2017 | Serial | 5% | 120.462
|
| $19,755,000 | 2018 | Serial | 5% | 122.735
|
| $20,745,000 | 2019 | Serial | 5% | 124.67
|
| $21.78 million | 2020 | Serial | 5% | 125.974
|
| $22.87 million | 2021 | Serial | 5% | 127.107
|
| $24,015,000 | 2022 | Serial | 5% | 128.408
|
| $21.16 million | 2023 | Serial | 5% | 126.951
|
| $22.22 million | 2024 | Serial | 5% | 125.31
|
| $23.33 million | 2025 | Serial | 5% | 123.995
|
| $24,495,000 | 2026 | Serial | 5% | 123.095
|
| $25.72 million | 2027 | Serial | 5% | 122.202
|
| $27,005,000 | 2028 | Serial | 5% | 121.611
|
| $28,355,000 | 2029 | Serial | 3% | 97.001
|
| $29,775,000 | 2030 | Serial | 5% | 120.245
|
| $31,265,000 | 2031 | Serial | 4% | 106.07
|
| $32.83 million | 2032 | Serial | 4% | 105.548
|
|
|
| $79.9 million series 2012B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,625,000 | 2013 | Serial | 0.35% | 100.095
|
| $3,805,000 | 2014 | Serial | 0.6% | 100.135
|
| $3.99 million | 2015 | Serial | 0.8% | 100.174
|
| $4.19 million | 2016 | Serial | 1.1% | 100.309
|
| $4,405,000 | 2017 | Serial | 1.3% | 100.143
|
| $2,775,000 | 2018 | Serial | 1.65% | 100.339
|
| $2,915,000 | 2019 | Serial | 1.75% | 100.391
|
| $3.06 million | 2020 | Serial | 2% | 100.292
|
| $3,215,000 | 2021 | Serial | 2.15% | 100.324
|
| $3,375,000 | 2022 | Serial | 2.3% | 100.354
|
| $3.54 million | 2023 | Serial | 2.45% | 100.351
|
| $3.72 million | 2024 | Serial | 2.6% | 100.348
|
| $3,905,000 | 2025 | Serial | 2.75% | 100.346
|
| $4.1 million | 2026 | Serial | 2.85% | 100.344
|
| $4,305,000 | 2027 | Serial | 2.95% | 100.342
|
| $4.52 million | 2028 | Serial | 3.05% | 100.34
|
| $4,745,000 | 2029 | Serial | 3.15% | 100.253
|
| $4,985,000 | 2030 | Serial | 3.2% | 100.253
|
| $5,235,000 | 2031 | Serial | 3.25% | 100.252
|
| $5.49 million | 2032 | Serial | 3.3% | 100.251
|
|
|
| $137,085,000 series 2012C G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11,605,000 | 2014 | Serial | 5% | 109.877
|
| $45.63 million | 2021 | Serial | 4% | 118.517
|
| $48,075,000 | 2022 | Serial | 4% | 118.944
|
| $31,775,000 | 2023 | Serial | 5% | 127.357
|
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