Washington State preps $741.93 million sale of G.O. bonds for July 20

By Sheri Kasprzak

New York, July 8 - The State of Washington is set to price $741.93 million of series 2012 general obligation bonds in three tranches on July 20, said a notice of sale.

The offering includes $390.84 million of series 2012A various purpose G.O. bonds, $323.215 million of series 2012B-1 and 2012B-2 motor vehicle fuel tax G.O. bonds and $27.875 million of series 2012T taxable G.O. bonds.

The bonds (Aa1/AA+/AA+) will be sold competitively with the exception of the 2012B-2 bonds, which will be sold on a negotiated basis through J.P. Morgan Securities LLC. The financial adviser for the competitively sold bonds is Montague DeRose & Associates LLC.

The 2012A bonds are due 2014 to 2036. The 2012B-1 and 2012B-2 bonds are due 2012 to 2041. The 2012 T bonds are due 2012 to 2014.

Proceeds will be used to pay or reimburse the state for various capital projects, state buildings and higher education institutions and Columbia River Basin water supply development, farmland preservation, riparian protection and outdoor recreation, as well as state and local highway improvements.

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