Vermont arranges $135.62 million offering of G.O. bonds in four parts

By Sheri Kasprzak

New York, Feb. 24 - The State of Vermont is set to price $135.62 million of series 2012 general obligation bonds (Aaa/AA+/AAA) in four tranches, according to a preliminary official statement.

The deal includes $25 million of series 2012A Vermont citizen bonds, $28 million of series 2012B G.O. bonds, $10 million of series 2012C taxable G.O.s and $72.62 million of series 2012D G.O. refunding bonds.

The 2012A and 2012D bonds will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager and Bank of America Merrill Lynch and Wells Fargo Securities LLC as the co-managers.

The 2012B and 2012C bonds will be offered competitively with Public Resources Advisory Group as the financial adviser.

The 2012A bonds are due 2012 to 2022, and the 2012B bonds are due 2022 to 2030. The 2012C bonds are due 2013 to 2016. The 2012D bonds are due 2012 and 2015 to 2025.

Proceeds will be used to refund the state's series 2004D, 2005A, 2005D, 2007A and 2007D G.O. bonds.

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