Published on 11/6/2013 in the Prospect News Municipals Daily.
New Issue: Vermont prices $86.75 million G.O. bonds in three tranches
By Sheri Kasprzak
New York, Nov. 6 - The State of Vermont sold $86,745,000 of series 2013 general obligation bonds, according to a pricing sheet.
The deal included $25 million of series 2013A Vermont Citizens G.O. bonds, $42.81 million of series 2013B G.O. bonds and $18,935,000 of series 2013C G.O. refunding bonds.
The 2013A bonds are due 2014 to 2028 with 2% to 5% coupons with 0.18% to 3.54% yields.
The 2013B bonds are due 2014 to 2033 with coupons from 2% to 5% and yields from 0.18% to 4.03%.
The 2013C bonds are due 2014 to 2017 and 2023 to 2024 with 3% to 5% coupons and 0.17% to 2.75% yields.
The 2013A bonds were offered on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The 2013B and 2013C bonds were sold competitively. The issuer did not return requests for the winning bidders Wednesday.
Proceeds from the bonds (Aaa/AA+/AAA) will be used to fund capital purposes for the state, as well as to refund the state's series 2004A and 2005A G.O. bonds.
| Issuer: | State of Vermont
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $86,745,000
|
| Type: | Negotiated and competitive
|
| Underwriters: | Morgan Stanley & Co. LLC (lead for 2013A), BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (co-managers for 2013A)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 14
|
|
|
| $25 million series 2013A Vermont Citizens G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.5 million | 2014 | Serial | 2% | 101.368 | 0.18%
|
| $1.89 million | 2015 | Serial | 2% | 102.88 | 0.35%
|
| $610,000 | 2015 | Serial | 3% | 104.626 | 0.35%
|
| $1.16 million | 2016 | Serial | 2% | 104.011 | 0.53%
|
| $2,155,000 | 2016 | Serial | 3% | 106.74 | 0.53%
|
| $1,055,000 | 2017 | Serial | 2% | 104.427 | 0.80%
|
| $860,000 | 2017 | Serial | 3% | 108.116 | 0.80%
|
| $800,000 | 2018 | Serial | 2% | 104.155 | 1.10%
|
| $2.54 million | 2018 | Serial | 4% | 113.391 | 1.10%
|
| $2.16 million | 2019 | Serial | 3% | 108.293 | 1.49%
|
| $685,000 | 2019 | Serial | 4% | 113.786 | 1.49%
|
| $645,000 | 2020 | Serial | 3% | 107.398 | 1.83%
|
| $525,000 | 2020 | Serial | 4% | 113.723 | 1.83%
|
| $1.22 million | 2021 | Serial | 3% | 106.111 | 2.14%
|
| $150,000 | 2021 | Serial | 5% | 120.328 | 2.14%
|
| $405,000 | 2022 | Serial | 3% | 105.275 | 2.33%
|
| $240,000 | 2022 | Serial | 5% | 121.027 | 2.33%
|
| $585,000 | 2023 | Serial | 3% | 103.826 | 2.51%
|
| $820,000 | 2023 | Serial | 5% | 119.453 | 2.51%
|
| $515,000 | 2024 | Serial | 4% | 109.906 | 2.72%
|
| $500,000 | 2024 | Serial | 5% | 118.075 | 2.67%
|
| $620,000 | 2026 | Serial | 3% | 98.019 | 3.19%
|
| $465,000 | 2027 | Serial | 3.25% | 98.467 | 3.39%
|
| $1,895,000 | 2028 | Serial | 3.5% | 99.539 | 3.54%
|
|
|
| $42.81 million series 2013B G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $895,000 | 2014 | Serial | 2% | 101.368 | 0.18%
|
| $895,000 | 2015 | Serial | 2% | 102.969 | 0.30%
|
| $75,000 | 2016 | Serial | 2% | 104.151 | 0.48%
|
| $1,475,000 | 2017 | Serial | 5% | 115.737 | 0.74%
|
| $50,000 | 2018 | Serial | 2% | 104.392 | 1.05%
|
| $545,000 | 2019 | Serial | 3% | 108.524 | 1.45%
|
| $2.22 million | 2020 | Serial | 5% | 120.047 | 1.83%
|
| $2.02 million | 2021 | Serial | 5% | 120.328 | 2.14%
|
| $2,745,000 | 2022 | Serial | 5% | 120.851 | 2.35%
|
| $1,985,000 | 2023 | Serial | 3% | 103.507 | 2.55%
|
| $2,375,000 | 2024 | Serial | 4% | 109.254 | 2.80%
|
| $3.39 million | 2025 | Serial | 3% | 99 | 3.102%
|
| $2.77 million | 2026 | Serial | 3% | 97.5 | 3.241%
|
| $2,925,000 | 2027 | Serial | 4% | 104.969 | 3.34%
|
| $1,495,000 | 2028 | Serial | 4% | 103.813 | 3.49%
|
| $3.39 million | 2029 | Serial | 4% | 102.296 | 3.69%
|
| $3.39 million | 2030 | Serial | 4% | 101.547 | 3.79%
|
| $3.39 million | 2031 | Serial | 4% | 100.878 | 3.88%
|
| $3.39 million | 2032 | Serial | 4% | 100.215 | 3.97%
|
| $3.39 million | 2033 | Serial | 4% | 99.589 | 4.03%
|
|
|
| $18,935,000 series 2013C G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.22 million | 2014 | Serial | 3% | 102.127 | 0.17%
|
| $4.67 million | 2015 | Serial | 5% | 108.117 | 0.35%
|
| $1.97 million | 2016 | Serial | 5% | 112.169 | 0.54%
|
| $1.13 million | 2017 | Serial | 5% | 115.576 | 0.78%
|
| $1.98 million | 2023 | Serial | 4% | 111.224 | 2.56%
|
| $1,965,000 | 2024 | Serial | 3% | 101.93 | 2.75%
|
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