Published on 4/24/2012 in the Prospect News Municipals Daily.
New Issue: Nevada prices $68.8 million of motor vehicle fuel tax highway bonds
By Sheri Kasprzak
New York, April 24 - The State of Nevada priced $68,795,000 of series 2012 motor vehicle fuel tax highway revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA+/AA+) were sold competitively with Bank of America Merrill Lynch winning the bid. The true interest cost came in at 1.39%, Mark Mathers, chief deputy treasurer for the state, said in an interview Tuesday.
The bonds are due 2012 to 2019 with 2.5% to 5% coupons.
Proceeds will be used to refund the state's series 2004 highway improvement revenue bonds.
| Issuer: | State of Nevada
|
| Issue: | Series 2012 motor vehicle fuel tax highway revenue bonds
|
| Amount: | $68,795,000
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| TIC: | 1.39%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | April 24
|
| Settlement date: | May 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $130,000 | 2012 | Serial | 2.5% | 101.091
|
| $570,000 | 2013 | Serial | 3% | 103.533
|
| $580,000 | 2014 | Serial | 3% | 105.535
|
| $13.17 million | 2015 | Serial | 5% | 114.357
|
| $13,685,000 | 2016 | Serial | 5% | 117.008
|
| $14.25 million | 2017 | Serial | 5% | 119.68
|
| $15,015,000 | 2018 | Serial | 5% | 121.608
|
| $11,395,000 | 2019 | Serial | 5% | 122.962
|
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