By Sheri Kasprzak
New York, July 28 - The State of Washington sold on Thursday $831.19 million of bonds in an upsized offering of series 2011 various purpose general obligation and refunding bonds, said a pricing sheet. The state had planned to sell $720.34 million of the bonds.
The offering includes $347.295 million of series 2011A various purpose G.O.s, $118.29 million of series 2011T taxable G.O.s and $365.605 million of series 2011R-A various purpose G.O. refunding bonds.
The 2011A bonds are due 2020 to 2035 with coupons from 4.5% to 5%. All but the 2020 bonds were not formally reoffered. The 2011R-A bonds are due 2013 to 2025 with 5% coupons. The 2011T bonds are due 2018 to 2020 with coupons from 3.44% to 3.79%, all priced at par.
The bonds (/AA+/AA+) were sold competitively with Barclays Capital Inc. winning the 2011A bonds with a 4.206% true interest cost. Citigroup Global Markets Inc. won the 2011T bonds with a 2.977% true interest cost and J.P. Morgan Securities Inc. won the 2011R-A bonds with a 2.629%
Proceeds will be used to refund existing debt and to finance general capital projects.
| Issuer: | State of Washington
|
| Issue: | Series 2011 various purpose general obligation and refunding bonds
|
| Amount: | $831.19 million
|
| Type: | Competitive
|
| Underwriter: | Barclays Capital Inc. (for 2011A); Citigroup Global Markets Inc. (for 2011T); J.P. Morgan Securities Inc. (for 2011R-A)
|
| TIC: | 4.206% (for 2011A); 2.977% (for 2011T); 2.629% (for 2011R-A)
|
| Ratings: | Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 10
|
|
|
| Series 2011A
|
| Maturity | Type | Coupon | Price
|
| 2020 | Serial | 5% | 118.839
|
| 2021 | Serial | 5% | NRO
|
| 2022 | Serial | 5% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 4.5% | NRO
|
| 2025 | Serial | 4.5% | NRO
|
| 2026 | Serial | 5% | NRO
|
| 2027 | Serial | 5% | NRO
|
| 2028 | Serial | 5% | NRO
|
| 2029 | Serial | 5% | NRO
|
| 2030 | Serial | 5% | NRO
|
| 2031 | Serial | 5% | NRO
|
| 2032 | Serial | 5% | NRO
|
| 2033 | Serial | 5% | NRO
|
| 2034 | Serial | 5% | NRO
|
| 2035 | Serial | 5% | NRO
|
|
|
| Series 2011R-A
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 5% | 110.482
|
| 2014 | Serial | 5% | 113.88
|
| 2015 | Serial | 5% | 115.789
|
| 2016 | Serial | 5% | 116.931
|
| 2017 | Serial | 5% | 117.455
|
| 2018 | Serial | 5% | 118.105
|
| 2019 | Serial | 5% | 118.733
|
| 2020 | Serial | 5% | 118.599
|
| 2021 | Serial | 5% | 118.722
|
| 2022 | Serial | 5% | 118.961
|
| 2023 | Serial | 5% | 118.742
|
| 2024 | Serial | 5% | 118.278
|
| 2025 | Serial | 5% | 117.961
|
|
|
| Series 2011T
|
| Maturity | Type | Coupon | Price
|
| 2018 | Serial | 3.44% | 100
|
| 2019 | Serial | 3.64% | 100
|
| 2020 | Serial | 3.79% | 100
|
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