By Sheri Kasprzak
New York, Sept. 15 - The State of Washington sold on Wednesday $795.385 million of general obligation bonds in two tranches, according to a term sheet released by a sellsider.
The offering was comprised of $401.435 million in series 2011R-B various-purpose G.O. bonds and $393.95 million in series 2011R-C motor vehicle fuel tax G.O. refunding bonds.
The bonds (Aa1/AA+/AA+) were sold competitively with Wells Fargo Securities LLC winning the 2011R-B bonds and Bank of America Merrill Lynch winning the 2011R-C bonds.
The 2011R-B bonds are due 2011 and 2013 to 2027 with 4% to 5% coupons. The 2011R-C bonds are due 2011 to 2027 with 2% to 5% coupons.
Proceeds from the sale will be used to refund $335 million of debt for an estimated 10.6% net present value savings of refunded principal and to refund $352.9 million of debt for an estimated net present value savings of 11.7% of refunded principal.
| Issuer: | State of Washington
|
| Issue: | Series 2011R general obligation bonds
|
| Amount: | $795.385 million
|
| Type: | Competitive
|
| Underwriters: | Wells Fargo Securities LLC (winner for 2011R-B); Bank of America Merrill Lynch (winner for 2011R-C)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 28
|
|
|
| Series 2011R-B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Term | 5% | 101.212
|
| 2013 | Serial | 4% | 108.941
|
| 2014 | Serial | 5% | 114.836
|
| 2015 | Serial | 5% | 116.815
|
| 2016 | Serial | 5% | 118.448
|
| 2017 | Serial | 5% | 119.221
|
| 2018 | Serial | 5% | 119.788
|
| 2019 | Serial | 5% | 120.248
|
| 2020 | Serial | 5% | 120.086
|
| 2021 | Serial | 5% | 120.413
|
| 2022 | Serial | 5% | 120.570
|
| 2023 | Serial | 5% | 122.017
|
| 2024 | Serial | 5% | 122.531
|
| 2025 | Serial | 5% | 122.628
|
| 2026 | Serial | 4% | 107.649
|
| 2027 | Serial | 4% | 106.819
|
|
|
| Series 2011R-C
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 100.438
|
| 2012 | Serial | 5% | 107.775
|
| 2013 | Serial | 5% | 111.696
|
| 2014 | Serial | 5% | 114.916
|
| 2015 | Serial | 4% | 112.220
|
| 2016 | Serial | 5% | 118.448
|
| 2017 | Serial | 5% | 119.082
|
| 2018 | Serial | 5% | 119.867
|
| 2019 | Serial | 5% | 119.986
|
| 2020 | Serial | 5% | 120.372
|
| 2021 | Serial | 5% | 118.949
|
| 2022 | Serial | 5% | 117.825
|
| 2023 | Serial | 5% | 117.083
|
| 2024 | Serial | 5% | 116.438
|
| 2025 | Serial | 4% | 105.283
|
| 2026 | Serial | 4% | 104.520
|
| 2027 | Serial | 3.5% | 99.493
|
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