Published on 7/18/2012 in the Prospect News Municipals Daily.
New Issue: Washington State prices $591.42 million G.O. bonds through five series
By Sheri Kasprzak
New York, July 18 - The State of Washington brought to market $591,415,000 of series 2013 general obligation bonds, according to a pricing sheet.
The offering included $273.46 million of series 2013A various purpose G.O. bonds, $167,565,000 of series 2013B-1 motor vehicle fuel tax G.O. bonds, $31.51 million of series 2013B-2 motor vehicle fuel tax G.O. bonds, $40,585,000 of series 2013T taxable G.O. bonds and $78,295,000 of series R-2013T taxable G.O. refunding bonds.
The 2013A bonds are due 2018 to 2037 with 4% to 5% coupons.
The 2013B-1 bonds are due 2013 to 2037 with a term bond due in 2042. The serial coupons range from 2% to 5%. The 2042 bonds have a 4% coupon priced at 102.909.
The 2013B-2 bonds are due 2013 to 2025 with term bonds due in 2027, 2029, 2032, 2035, 2037 and 2042. The serial coupons range from 2% to 5%. The 2027 bonds have a 3% coupon priced at 99.64 and the 2029 bonds have a 3.125% coupon priced at 99.282. The 2032 bonds have a 3.25% coupon priced at 98.121. The 2035 bonds have a 4% coupon priced at 105.744 and the 2037 bonds have a 3.625% coupon priced at 99.429. The 2042 bonds have a 3.625% coupon priced at 98.469.
The 2013T bonds are due 2013 to 2018 with 0.35% to 1.2% coupons, all priced at par.
The R-2013T bonds are due 2013 to 2016 with 0.17% to 0.60% coupons. All of the bonds except for the 2016 bonds are priced at par. The 2016 bonds have a 0.60% coupon priced at 99.83.
The 2013A, 2013B-1, 2013T and R-2013T bonds were all sold on a competitive basis. The 2013B-2 bonds were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. Citigroup Global Markets Inc. won the bid for the 2013A bonds at a 3.2793% true interest cost. Bank of America Merrill Lynch took the 2013B-1 bonds at a 3.4764% TIC. Bank of America Merrill Lynch also took the 2013T bonds at a 0.8576% TIC. J.P. Morgan Securities LLC won the R-2013T bonds at a 0.49086% TIC.
Proceeds from the bonds (Aa1/AA+/AA+) will be used finance various capital projects, state and local water supply improvements, multimodal transportation projects, state programs for Columbia River Basin water supply development, outdoor recreation, habitat conservation, riparian and farmland preservation, state and local highway improvements, construction of new transportation projects and to refund existing G.O. debt.
| Issuer: | State of Washington
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $591,415,000
|
| Type: | Negotiated and Competitive
|
| Underwriters: | Bank of America Merrill Lynch (lead for 2013B-2 bonds), Citigroup Global Markets Inc. (winner for 2013A bonds), Bank of America Merrill Lynch (winner for 2013B-1 bonds), Bank of America Merrill Lynch (winner for 2013T bonds), J.P. Morgan Securities LLC (winner for R-2013T bonds)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 2
|
|
|
| $273.46 million series 2013A various purpose G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,055,000 | 2018 | Serial | 5% | 122.119
|
| $8,965,000 | 2019 | Serial | 5% | 123.991
|
| $9.43 million | 2020 | Serial | 5% | 125.427
|
| $9,915,000 | 2021 | Serial | 5% | 126.565
|
| $10.43 million | 2022 | Serial | 5% | 127.269
|
| $10.96 million | 2023 | Serial | 5% | 125.925
|
| $11,525,000 | 2024 | Serial | 5% | 124.598
|
| $12,115,000 | 2025 | Serial | 5% | 123.689
|
| $12,745,000 | 2026 | Serial | 5% | 122.887
|
| $13,395,000 | 2027 | Serial | 5% | 122.092
|
| $14,075,000 | 2028 | Serial | 5% | 121.303
|
| $14,635,000 | 2029 | Serial | 3% | 98.686
|
| $15,175,000 | 2030 | Serial | 4% | 108.043
|
| $15,785,000 | 2031 | Serial | 4% | 107.418
|
| $16,435,000 | 2032 | Serial | 4% | 106.622
|
| $17.11 million | 2033 | Serial | 4% | 105.832
|
| $17,805,000 | 2034 | Serial | 4% | 105.309
|
| $18,535,000 | 2035 | Serial | 4% | 104.789
|
| $19.29 million | 2036 | Serial | 4% | 104.272
|
| $20.08 million | 2037 | Serial | 4% | 104.015
|
|
|
| $167,565,000 series 2013B-1 motor vehicle fuel tax G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.09 million | 2013 | Serial | 2% | 101.741
|
| $2,195,000 | 2014 | Serial | 3% | 105.064
|
| $2.88 million | 2015 | Serial | 5% | 113.114
|
| $1.1 million | 2016 | Serial | 5% | 116.92
|
| $1.81 million | 2017 | Serial | 5% | 119.936
|
| $2,655,000 | 2018 | Serial | 5% | 122.119
|
| $1.84 million | 2019 | Serial | 5% | 123.991
|
| $3.62 million | 2020 | Serial | 5% | 125.001
|
| $4,195,000 | 2021 | Serial | 5% | 126.092
|
| $1,905,000 | 2022 | Serial | 5% | 127.269
|
| $5,055,000 | 2023 | Serial | 5% | 125.925
|
| $4,735,000 | 2024 | Serial | 2.5% | 100
|
| $4.91 million | 2025 | Serial | 5% | 123.689
|
| $5,775,000 | 2026 | Serial | 5% | 122.887
|
| $2,915,000 | 2027 | Serial | 3% | 99.76
|
| $6,265,000 | 2028 | Serial | 3% | 98.746
|
| $4.31 million | 2029 | Serial | 4% | 108.672
|
| $6,825,000 | 2030 | Serial | 4% | 108.043
|
| $7.14 million | 2031 | Serial | 4% | 107.418
|
| $6.13 million | 2032 | Serial | 4% | 106.886
|
| $7,795,000 | 2033 | Serial | 4% | 106.27
|
| $8,145,000 | 2034 | Serial | 4% | 105.309
|
| $7.74 million | 2035 | Serial | 4% | 104.789
|
| $8,905,000 | 2036 | Serial | 4% | 103.844
|
| $6,335,000 | 2037 | Serial | 4% | 103.333
|
| $49,295,000 | 2042 | Term | 4% | 102.909
|
|
|
| $31.51 million series 2013B-2 motor vehicle fuel tax G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $385,000 | 2013 | Serial | 2% | 101.822
|
| $1.4 million | 2014 | Serial | 4% | 107.216
|
| $350,000 | 2015 | Serial | 2.75% | 106.561
|
| $500,000 | 2015 | Serial | 3% | 107.304
|
| $1.5 million | 2016 | Serial | 2% | 105.156
|
| $1.27 million | 2016 | Serial | 4% | 113.027
|
| $2,205,000 | 2017 | Serial | 4% | 115.114
|
| $1,525,000 | 2018 | Serial | 3% | 110.385
|
| $2,155,000 | 2019 | Serial | 2% | 103.782
|
| $335,000 | 2019 | Serial | 4% | 117.054
|
| $875,000 | 2020 | Serial | 4% | 117.538
|
| $500,000 | 2021 | Serial | 3% | 109.491
|
| $2.68 million | 2022 | Serial | 2% | 100
|
| $280,000 | 2022 | Serial | 4% | 118.04
|
| $150,000 | 2024 | Serial | 2.25% | 99.582
|
| $400,000 | 2024 | Serial | 4% | 115.202
|
| $615,000 | 2025 | Serial | 5% | 123.087
|
| $3.1 million | 2027 | Term | 3% | 99.64
|
| $2.23 million | 2029 | Term | 3.125% | 99.282
|
| $1,325,000 | 2032 | Term | 3.25% | 98.121
|
| $780,000 | 2035 | Term | 4% | 105.744
|
| $2,965,000 | 2037 | Term | 3.625% | 99.429
|
| $3,985,000 | 2042 | Term | 3.625% | 98.469
|
|
|
| $40,585,000 series 2013T taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.41 million | 2013 | Serial | 0.35% | 100
|
| $7,445,000 | 2014 | Serial | 0.5% | 100
|
| $7.5 million | 2015 | Serial | 0.65% | 100
|
| $7.57 million | 2016 | Serial | 0.75% | 100
|
| $7.66 million | 2017 | Serial | 1% | 100
|
| $3 million | 2018 | Serial | 1.2% | 100
|
|
|
| $78,295,000 series R-2013T taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $21.13 million | 2013 | Serial | 0.17% | 100
|
| $23.94 million | 2014 | Serial | 0.37% | 100
|
| $24.89 million | 2015 | Serial | 0.50% | 100
|
| $8,335,000 | 2016 | Serial | 0.60% | 99.83
|
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