Published on 6/18/2014 in the Prospect News Municipals Daily.
New Issue: Georgia brings to market $982.9 million general obligation bonds
By Sheri Kasprzak
New York, June 18 – The State of Georgia sold $982,905,000 of series 2014 general obligation bonds, according to a pricing sheet.
The deal included $658.69 million of series 2014A G.O. bonds, $151,115,000 of series 2014B taxable G.O. bonds, $13.75 million of series 2014C taxable qualified school construction bonds and $159.35 million of series 2014D G.O. refunding bonds.
The 2014A bonds are due 2015 to 2034 with 3% to 5% coupons with 0.095% to 3.43% yields.
The 2014B bonds are due 2015 to 2034 with 0.55% to 3.94% coupons with yields from 0.2% to 3.94%.
The 2014C bonds are due 2015 to 2031 with a term bond due in 2034. Coupons range from 0.25% to 4% with yields from 0.25% to 3.89%. The 2034 bonds have a 4% coupon priced at par.
The 2014D bonds are due 2015 to 2018 with coupons of 5% and yields from 0.085% to 0.95%.
The bonds (Aaa/AAA/AAA) were sold competitively.
Proceeds will be used to finance capital outlay projects for the state, as well as to refund existing G.O. debt.
| Issuer: | State of Georgia
|
| Issue: | Series 2014 general obligation
|
| Amount: | $982,905,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | June 17
|
| Settlement date: | July 10
|
|
|
| $658.69 million series 2014A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $34,655,000 | 2015 | Serial | 5% | 102.737 | 0.095%
|
| $36.32 million | 2016 | Serial | 5% | 107.448 | 0.21%
|
| $38.13 million | 2017 | Serial | 5% | 111.451 | 0.49%
|
| $40,045,000 | 2018 | Serial | 5% | 114.553 | 0.84%
|
| $42.04 million | 2019 | Serial | 5% | 116.903 | 1.18%
|
| $24,985,000 | 2020 | Serial | 5% | 118.656 | 1.49%
|
| $26,235,000 | 2021 | Serial | 5% | 120.053 | 1.75%
|
| $27,545,000 | 2022 | Serial | 5% | 121.18 | 1.97%
|
| $28.92 million | 2023 | Serial | 5% | 122.169 | 2.15%
|
| $30,375,000 | 2024 | Serial | 5% | 123.144 | 2.29%
|
| $27.15 million | 2025 | Serial | 5% | 121.706 | 2.44%
|
| $28.51 million | 2026 | Serial | 4% | 111.421 | 2.64%
|
| $29.65 million | 2027 | Serial | 5% | 119.82 | 2.64%
|
| $31.13 million | 2028 | Serial | 4% | 108.862 | 2.93%
|
| $32,375,000 | 2029 | Serial | 3% | 97.685 | 3.20%
|
| $33,345,000 | 2030 | Serial | 4% | 106.796 | 3.17%
|
| $34.68 million | 2031 | Serial | 4% | 106.202 | 3.24%
|
| $36.07 million | 2032 | Serial | 4% | 105.612 | 3.31%
|
| $37,515,000 | 2033 | Serial | 4% | 105.026 | 3.38%
|
| $39,015,000 | 2034 | Serial | 4% | 104.61 | 3.43%
|
|
|
| $151,115,000 series 2014B taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9.45 million | 2015 | Serial | 1% | 100.446 | 0.20%
|
| $9.92 million | 2016 | Serial | 0.55% | 100 | 0.55%
|
| $10,415,000 | 2017 | Serial | 0.98% | 100 | 0.98%
|
| $10.94 million | 2018 | Serial | 1.38% | 100 | 1.38%
|
| $11,485,000 | 2019 | Serial | 1.75% | 100 | 1.75%
|
| $4.59 million | 2020 | Serial | 2.75% | 103.712 | 2.04%
|
| $4.82 million | 2021 | Serial | 2.45% | 100 | 2.45%
|
| $5.06 million | 2022 | Serial | 2.64% | 100 | 2.64%
|
| $5.31 million | 2023 | Serial | 4% | 109.154 | 2.79%
|
| $5.57 million | 2024 | Serial | 4% | 108.775 | 2.94%
|
| $5.85 million | 2025 | Serial | 3.09% | 100 | 3.09%
|
| $6.14 million | 2026 | Serial | 3.24% | 100 | 3.24%
|
| $6,445,000 | 2027 | Serial | 3.39% | 100 | 3.39%
|
| $6,775,000 | 2028 | Serial | 3.49% | 100 | 3.49%
|
| $7.11 million | 2029 | Serial | 3.54% | 100 | 3.54%
|
| $7,465,000 | 2030 | Serial | 3.64% | 100 | 3.64%
|
| $7.84 million | 2031 | Serial | 3.74% | 100 | 3.74%
|
| $8.23 million | 2032 | Serial | 3.84% | 100 | 3.84%
|
| $8.64 million | 2033 | Serial | 3.89% | 100 | 3.89%
|
| $9.06 million | 2034 | Serial | 3.94% | 100 | 3.94%
|
|
|
| $13.75 million series 2014C qualified school construction bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $415,000 | 2015 | Serial | 0.25% | 100 | 0.25%
|
| $435,000 | 2016 | Serial | 0.75% | 100.232 | 0.60%
|
| $460,000 | 2017 | Serial | 1.25% | 100.427 | 1.08%
|
| $480,000 | 2018 | Serial | 1.75% | 100.585 | 1.58%
|
| $505,000 | 2019 | Serial | 2.125% | 100.584 | 1.99%
|
| $530,000 | 2020 | Serial | 2.375% | 100.701 | 2.24%
|
| $555,000 | 2021 | Serial | 2.75% | 100.898 | 2.60%
|
| $585,000 | 2022 | Serial | 3% | 101.352 | 2.80%
|
| $615,000 | 2023 | Serial | 3.25% | 101.949 | 2.99%
|
| $645,000 | 2024 | Serial | 3.25% | 101.314 | 3.09%
|
| $675,000 | 2025 | Serial | 3.5% | 102.121 | 3.24%
|
| $710,000 | 2026 | Serial | 3.5% | 101.298 | 3.34%
|
| $745,000 | 2027 | Serial | 3.5% | 100.483 | 3.44%
|
| $785,000 | 2028 | Serial | 3.5% | 99.57 | 3.54%
|
| $825,000 | 2029 | Serial | 3.75% | 100.879 | 3.64%
|
| $865,000 | 2030 | Serial | 4% | 102.071 | 3.74%
|
| $910,000 | 2031 | Serial | 4% | 100.869 | 3.89%
|
| $3.01 million | 2034 | Term | 4% | 100 | 4.00%
|
|
|
| $159.35 million series 2014D G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $63,255,000 | 2015 | Serial | 5% | 104.789 | 0.085%
|
| $56.48 million | 2016 | Serial | 5% | 109.373 | 0.24%
|
| $27,565,000 | 2017 | Serial | 5% | 113.049 | 0.57%
|
| $12.05 million | 2018 | Serial | 5% | 115.761 | 0.95%
|
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