Published on 9/17/2013 in the Prospect News Municipals Daily.
New Issue: Washington State brings $287.26 million federal highway revenue bonds
By Sheri Kasprzak
New York, Sept. 17 - The State of Washington sold $287.26 million of series 2014C federal highway grant anticipation revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA/) were sold through senior managers BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2015 to 2024 with 3.5% to 5% coupons.
Proceeds will be used to finance improvements to State Route 520 in Washington that runs from Interstate 5 in Seattle to State Route 202 in Redmond.
| Issuer: | State of Washington
|
| Issue: | Series 2014C federal highway grant anticipation revenue bonds
|
| Amount: | $287.26 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $22.89 million | 2015 | Serial | 5% | 108.564
|
| $24.03 million | 2016 | Serial | 5% | 111.633
|
| $3 million | 2017 | Serial | 3% | 106.238
|
| $22,235,000 | 2017 | Serial | 5% | 113.846
|
| $26.44 million | 2018 | Serial | 5% | 114.694
|
| $27.76 million | 2019 | Serial | 5% | 115.039
|
| $29,145,000 | 2020 | Serial | 5% | 115.106
|
| $3 million | 2021 | Serial | 3.5% | 104
|
| $27.6 million | 2021 | Serial | 5% | 114.533
|
| $32.09 million | 2022 | Serial | 5% | 114.035
|
| $3 million | 2023 | Serial | 5% | 113.463
|
| $3 million | 2024 | Serial | 4% | 103.766
|
| $32.38 million | 2024 | Serial | 5% | 112.738
|
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