Washington prepares $432.04 million sale of federal highway grant anticipation revenue bonds

By Sheri Kasprzak

New York, May 11 - The State of Washington is expected to price $432,035,000 of series 2012F federal highway grant anticipation revenue bonds, said a preliminary official statement.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Bank of America Merrill Lynch as the senior managers.

The bonds are due 2015 to 2024.

Proceeds will be used to finance the costs of improvements and bridge construction on State Road 520, a 12.8-mile road that stretches from Interstate 5 in Seattle to State Road 202 in Redmond, Wash.

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