Published on 2/6/2012 in the Prospect News Municipals Daily.
New Issue: Washington State details $1 billion sale of motor vehicle fuel tax G.O. bonds
By Sheri Kasprzak
New York, Feb. 6 - The State of Washington sold $1,004,760,000 of series R-2012 motor vehicle fuel tax general obligation bonds, according to a pricing sheet.
The deal included $733,705,000 of series R-2012C bonds and $271,055,000 of series R-2012D bonds.
Some details of the sale were previously reported on Feb. 2 by Prospect News when tranche sizes were described as slightly smaller.
The R-2012C bonds are due 2015 to 2029 with 3% to 5% coupons. The R-2012D bonds are due 2014 to 2029 with 3% to 5% coupons.
The bonds (/AA+/) were sold competitively with Bank of America Merrill Lynch winning the bid for the R-2012C bonds and Wells Fargo Securities LLC winning the bid for the R-2012D bonds.
Proceeds will be used to refund outstanding G.O. bonds.
| Issuer: | State of Washington
|
| Issue: | Series R-2012 motor vehicle fuel tax general obligation bonds
|
| Amount: | $1,004,760,000
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner for R-2012C); Wells Fargo Securities LLC (winner for R-2012D)
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 21
|
|
|
| $733,705,000 series R-2012C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $22.78 million | 2015 | Serial | 5% | 114.51
|
| $24,015,000 | 2016 | Serial | 5% | 118.294
|
| $25,315,000 | 2017 | Serial | 5% | 121.41
|
| $26,675,000 | 2018 | Serial | 5% | 123.273
|
| $28.12 million | 2019 | Serial | 5% | 125.333
|
| $29,645,000 | 2020 | Serial | 5% | 126.775
|
| $31.1 million | 2021 | Serial | 4% | 119.348
|
| $32.44 million | 2022 | Serial | 4% | 119.664
|
| $54,565,000 | 2023 | Serial | 5% | 127.087
|
| $57.48 million | 2024 | Serial | 5% | 126.13
|
| $85,605,000 | 2025 | Serial | 5% | 125.707
|
| $90.14 million | 2026 | Serial | 5% | 124.449
|
| $94.42 million | 2027 | Serial | 4% | 111.295
|
| $86.08 million | 2028 | Serial | 4% | 110.346
|
| $45,325,000 | 2029 | Serial | 3% | 100
|
|
|
| $271,055,000 series R-2012D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.64 million | 2014 | Serial | 5% | 110.673
|
| $9.88 million | 2015 | Serial | 5% | 114.51
|
| $10.43 million | 2016 | Serial | 5% | 118.294
|
| $11,015,000 | 2017 | Serial | 5% | 121.41
|
| $11,625,000 | 2018 | Serial | 5% | 123.48
|
| $12,265,000 | 2019 | Serial | 5% | 125.333
|
| $12,945,000 | 2020 | Serial | 5% | 126.686
|
| $13.66 million | 2021 | Serial | 5% | 127.65
|
| $14.4 million | 2022 | Serial | 5% | 128.702
|
| $15,205,000 | 2023 | Serial | 5% | 127.301
|
| $17.52 million | 2024 | Serial | 5% | 126.342
|
| $29,395,000 | 2025 | Serial | 5% | 125.391
|
| $30,805,000 | 2026 | Serial | 4% | 113.127
|
| $32,125,000 | 2027 | Serial | 4% | 112.062
|
| $31,725,000 | 2028 | Serial | 4% | 111.105
|
| $16.42 million | 2029 | Serial | 3% | 98
|
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