Published on 2/10/2015 in the Prospect News Municipals Daily.
New Issue: Washington brings to market $381.66 million of G.O. refunding bonds
By Sheri Kasprzak
New York, Feb. 10 – The State of Washington sold $381,656,000 of series R-2015 general obligation refunding bonds, according to a pricing sheet.
The offering included $147,221,000 of series R-2015F motor vehicle fuel tax G.O. refunding bonds, $101.96 million of series R-2015G various purpose G.O. refunding bonds and $132,475,000 of series R-2015H motor vehicle fuel tax G.O. refunding bonds.
The bonds (Aa1/AA+/AA+) were sold competitively with BofA Merrill Lynch winning the bid for the bonds. The net interest cost for the R-2015F bonds was 2.822670% and the NIC for the R-2015G bonds was 2.432482%. The NIC for the R-2015H bonds was 3.231680%.
The R-2015F bonds are due 2015 and 2019 to 2031 with 3% to 5% coupons.
The R-2015G bonds are due 2015 to 2028 with 3% to 5% coupons.
The R-2015H bonds are due 2026 to 2031 with 4% to 5% coupons.
Proceeds will be used to refund outstanding debt.
| Issuer: | State of Washington
|
| Issue: | Series 2015 general obligation refunding bonds
|
| Amount: | $381,656,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| NIC: | 2.826670% (for R-2015F), 2.432482% (for R-2015G), 3.231680% (for R-2015H)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 4
|
|
|
| $147,221,000 series R-2015F motor vehicle fuel tax G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $770,000 | 2015 | Serial | 3% | 100.893
|
| $8,195,000 | 2019 | Serial | 5% | 116.105
|
| $8.62 million | 2020 | Serial | 5% | 117.846
|
| $9.06 million | 2021 | Serial | 5% | 120.373
|
| $9,525,000 | 2022 | Serial | 5% | 121.56
|
| $10,015,000 | 2023 | Serial | 5% | 122.469
|
| $10.53 million | 2024 | Serial | 5% | 123.297
|
| $11.07 million | 2025 | Serial | 5% | 122.928
|
| $11.63 million | 2026 | Serial | 5% | 121.947
|
| $12,235,000 | 2027 | Serial | 5% | 120.977
|
| $12.86 million | 2028 | Serial | 5% | 119.919
|
| $13.52 million | 2029 | Serial | 5% | 119.442
|
| $14,251,000 | 2030 | Serial | 5% | 118.968
|
| $14.94 million | 2031 | Serial | 5% | 118.495
|
|
|
| $101.96 million series R-2015G various purpose G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $460,000 | 2015 | Serial | 3% | 100.926
|
| $8 million | 2018 | Serial | 4% | 109.924
|
| $8,365,000 | 2019 | Serial | 4% | 111.9
|
| $8,755,000 | 2020 | Serial | 4% | 112.911
|
| $9,165,000 | 2021 | Serial | 4% | 114.058
|
| $9,585,000 | 2022 | Serial | 4% | 114.368
|
| $10.03 million | 2023 | Serial | 4% | 114.687
|
| $10.5 million | 2024 | Serial | 4% | 114.735
|
| $11,045,000 | 2025 | Serial | 5% | 122.928
|
| $11,675,000 | 2026 | Serial | 5% | 121.947
|
| $1.34 million | 2027 | Serial | 5% | 120.977
|
| $13.04 million | 2028 | Serial | 5% | 119.919
|
|
|
| $132,475,000 series R-2015H motor vehicle fuel tax refunding bonds
|
| Maturity | Type | Coupon | Price
|
| 2026 | Serial | 5% | 121.558
|
| 2027 | Serial | 5% | 120.495
|
| 2028 | Serial | 5% | 119.633
|
| 2029 | Serial | 5% | 119.442
|
| 2030 | Serial | 5% | 118.968
|
| 2031 | Serial | 4% | 106.695
|
|
|
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