Hawaii coordinates $851.71 million general obligation bond offering

By Sheri Kasprzak

New York, Oct. 22 - The State of Hawaii plans to price $851.71 million of series 2013 general obligation bonds, according to a preliminary official statement.

The offering includes $635 million of series 2013EH G.O. bonds, $35,645,000 of series 2013EI G.O. refunding bonds, $58,585,000 of series 2013EJ G.O. refunding bonds, $27.04 million of series 2013EK G.O. refunding bonds, $50,645,000 of series 2013EL G.O. refunding bonds, $15 million of series 2013EM taxable G.O. bonds and $29,795,000 of series 2013EN taxable qualified school construction bonds.

The bonds (Aa2/AA/AA) will be sold on a negotiated basis with BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets LLC as the senior managers. The co-managers are Citigroup Global Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC.

The 2013EH bonds are due 2018 to 2033 and the 2013EI bonds are due in 2014. The 2013EJ bonds are due 2015 and the 2013EK bonds are due in 2016. The 2013EL bonds are due 2017 to 2023. The 2013EM bonds are due 2018 to 2033 and the 2013EN bonds are due 2018 to 2033.

Proceeds will be used to finance certain capital expenditures for the state, as well as to refund the state's series 2003DA G.O. bonds.

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