New Issue: Iowa prices $265.43 million IJobs special obligation refunding bonds

By Cristal Cody

Eureka Springs, Ark., June 28 – The State of Iowa priced $265,425,000 of IJobs program special obligation refunding bonds (Aa2/AA), according to a new issue statement.

The series 2016A bonds priced with 1.5% to 5% coupons across the serial maturities from 2017 through 2029. Yields ranged from 0.64% to 1.92%.

Citigroup Global Markets Inc. and RBC Capital Markets, LLC were the lead managers of the negotiated offering.

Proceeds will be used to refund the state’s outstanding series 2009A bonds due or to be redeemed by June 1, 2019.

Issuer:	State of Iowa
Issue:	IJobs program special obligation refunding bonds
Amount:	$265,425,000
Type:	Negotiated
Bookrunners:	Citigroup Global Markets Inc. and RBC Capital Markets, LLC
Co-managers:	J.P. Morgan Securities, LLC, BofA Merrill Lynch, Piper Jaffray & Co., William Blair & Co. Inc. and Wells Fargo Securities, LLC
Ratings:	Moody’s: Aa2
	S&P: AA
Pricing date:	June 21
Settlement date:	July 28
Series 2016A bonds
Maturity	Type	Amount	Coupon	Yield
2017	Serial	$18,735,000	2%	0.64%
2018	Serial	$17,155,000	5%	0.75%
2019	Serial	$18,105,000	5%	0.85%
2020	Serial	$18,915,000	5%	0.98%
2021	Serial	$3,775,000	1.5%	1.1%
2021	Serial	$16,085,000	5%	1.1%
2022	Serial	$20.72 million	5%	1.24%
2023	Serial	$21,755,000	5%	1.37%
2024	Serial	$22.85 million	5%	1.47%
2025	Serial	$23.99 million	5%	1.6%
2026	Serial	$25,185,000	4%	1.7%
2027	Serial	$26.2 million	5%	1.8%
2028	Serial	$27,505,000	5%	1.86%
2029	Serial	$4.54 million	5%	1.92%

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