By Sheri Kasprzak
New York, Nov. 17 - The Tobacco Securitization Authority of Minnesota sold $756.955 million of series 2011 Minnesota tobacco settlement revenue bonds on Thursday, according to a pricing sheet.
The deal included $74.685 million of series 2011A taxable bonds and $682.27 million of series 2011B tax-exempt bonds.
The 2011A bonds are due 2014 to 2015 with a 2.643% coupon priced at par and a 3.093% coupon priced at par, respectively.
The 2011B bonds are due 2016 to 2026 with a term bond due in 2031. The serial coupons range from 3% to 5.25%. The 2031 bonds have a 5.25% coupon priced at 99.5.
Barclays Capital Inc. was the lead manager for the bonds (/A/BBB+). The co-managers were Bank of America Merrill Lynch, Jefferies & Co., Citigroup Global Markets Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, US Bancorp and Wells Fargo Securities LLC.
Proceeds will help refund existing Minnesota tobacco settlement bonds.
| Issuer: | Tobacco Securitization Authority
|
| Issue: | Series 2011 Minnesota tobacco settlement revenue bonds
|
| Amount: | $756.955 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead), Bank of America Merrill Lynch, Jefferies & Co., Citigroup Global Markets Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, US Bancorp and Wells Fargo Securities LLC
|
| Ratings: | Standard & Poor's: A
|
| Fitch: BBB+
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 29
|
|
|
| $74.685 million series 2011A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $36.9 million | 2014 | Serial | 2.643% | 100
|
| $37.785 million | 2015 | Serial | 3.093% | 100
|
|
|
| $682.27 million series 2011B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5 million | 2016 | Serial | 3% | 103.437
|
| $25.255 million | 2016 | Serial | 5% | 111.527
|
| $3.5 million | 2017 | Serial | 4% | 106.68
|
| $28.19 million | 2017 | Serial | 5% | 111.558
|
| $32.41 million | 2018 | Serial | 5% | 110.904
|
| $2.925 million | 2019 | Serial | 3.5% | 100.123
|
| $30.015 million | 2019 | Serial | 5% | 109.667
|
| $34.3 million | 2020 | Serial | 5% | 108.577
|
| $3.175 million | 2021 | Serial | 4% | 100.533
|
| $32.61 million | 2021 | Serial | 5% | 108.229
|
| $37.48 million | 2022 | Serial | 5% | 107.034
|
| $38.55 million | 2023 | Serial | 5.25% | 106.268
|
| $40.72 million | 2024 | Serial | 5.25% | 105.009
|
| $43.165 million | 2025 | Serial | 5.25% | 103.932
|
| $6.075 million | 2026 | Serial | 4.85% | 99.687
|
| $39.64 million | 2026 | Serial | 5.25% | 102.949
|
| $279.26 million | 2031 | Term | 5.25% | 99.5
|
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