Published on 4/12/2012 in the Prospect News Municipals Daily.
New Issue: Connecticut prices $555 million of G.O. bonds in three tranches
By Sheri Kasprzak
New York, April 12 - The State of Connecticut sold $555 million of series 2012 general obligation bonds, according to a term sheet.
The offering included $212.4 million of series 2012A Sifma index bonds, $259.6 million of series 2012B bonds and $83 million of series 2012A taxable G.O. bonds.
The 2012B bonds are due 2021 to 2032 with coupons from 2% to 5%. The 2012A taxable G.O. bonds are due 2013 to 2022 with 0.25% to 2.394% coupons, all priced at par. The full pricing details for the Sifma index bonds were not immediately available Thursday evening.
The bonds (Aa3/AA/AA) were sold through Barclays Capital Inc. The co-managers were Morgan Stanley & Co. LLC; Roosevelt & Cross, Inc.; Siebert Bradford Shank & Co., LLC; The Williams Capital Group, LP; Bank of America Merrill Lynch; Blaylock Robert Van, LLC; CastleOak Securities, LP; Estrada Hinojosa & Co., Inc.; Goldman, Sachs & Co.; Grigsby & Associates, Inc.; J.P. Morgan Securities LLC; Janney Montgomery Scott LLC; Loop Capital Markets LLC; M.R. Beal & Co.; Piper Jaffray & Co.; Ramirez & Co., Inc.; Rice Financial Products Co.; TD Securities (USA) LLC and William Blair & Co.
Proceeds will be used to fund state projects.
| Issuer: | State of Connecticut
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $555 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead); Morgan Stanley & Co. LLC; Roosevelt & Cross, Inc.; Siebert Bradford Shank & Co., LLC; The Williams Capital Group, LP; Bank of America Merrill Lynch; Blaylock Robert Van, LLC; CastleOak Securities, LP; Estrada Hinojosa & Co., Inc.; Goldman, Sachs & Co.; Grigsby & Associates, Inc.; J.P. Morgan Securities LLC; Janney Montgomery Scott LLC; Loop Capital Markets LLC; M.R. Beal & Co.; Piper Jaffray & Co.; Ramirez & Co., Inc.; Rice Financial Products Co.; TD Securities (USA) LLC and William Blair & Co. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | April 12
|
| Settlement date: | April 26
|
|
|
| $212.4 million series 2012A Sifma index bonds
|
| Amount | Maturity | Type | Price
|
| $23.6 million | 2013 | Serial | 100
|
| $23.6 million | 2014 | Serial | 100
|
| $23.6 million | 2015 | Serial | 100
|
| $23.6 million | 2016 | Serial | 100
|
| $23.6 million | 2017 | Serial | 100
|
| $23.6 million | 2018 | Serial | 100
|
| $23.6 million | 2019 | Serial | 100
|
| $47.2 million | 2020 | Serial | 100
|
|
|
| $259.6 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.67 million | 2021 | Serial | 2% | 99.51
|
| $4.75 million | 2021 | Serial | 3% | 107.661
|
| $2,825,000 | 2021 | Serial | 4% | 115.813
|
| $14,355,000 | 2021 | Serial | 5% | 123.964
|
| $4.97 million | 2022 | Serial | 3% | 106.571
|
| $3,125,000 | 2022 | Serial | 4% | 115.453
|
| $15,505,000 | 2022 | Serial | 5% | 124.334
|
| $975,000 | 2023 | Serial | 4% | 113.163
|
| $22,625,000 | 2023 | Serial | 5% | 122.433
|
| $1,895,000 | 2024 | Serial | 4% | 111.202
|
| $21,705,000 | 2024 | Serial | 5% | 120.957
|
| $755,000 | 2025 | Serial | 4% | 109.463
|
| $22,845,000 | 2025 | Serial | 5% | 119.501
|
| $4.15 million | 2026 | Serial | 4% | 108.023
|
| $3.31 million | 2026 | Serial | 3% | 99.321
|
| $16.14 million | 2026 | Serial | 5% | 118.447
|
| $1.43 million | 2027 | Serial | 3.125% | 98.76
|
| $3.21 million | 2027 | Serial | 4% | 106.517
|
| $18.96 million | 2027 | Serial | 5% | 117.31
|
| $4,435,000 | 2028 | Serial | 3.125% | 97.84
|
| $19,275,000 | 2028 | Serial | 5% | 116.653
|
| $700,000 | 2029 | Serial | 3.25% | 98.585
|
| $250,000 | 2029 | Serial | 4% | 105.382
|
| $22.65 million | 2029 | Serial | 5% | 116.093
|
| $920,000 | 2031 | Serial | 3.375% | 98.961
|
| $22.68 million | 2031 | Serial | 5% | 115.259
|
| $740,000 | 2032 | Serial | 3.5% | 100.082
|
| $1.05 million | 2032 | Serial | 4% | 104.262
|
| $21.81 million | 2032 | Serial | 5% | 114.891
|
|
|
| $83 million series 2012A taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.3 million | 2013 | Serial | 0.25% | 100
|
| $8.3 million | 2014 | Serial | 0.448% | 100
|
| $8.3 million | 2015 | Serial | 0.672% | 100
|
| $8.3 million | 2016 | Serial | 1.081% | 100
|
| $8.3 million | 2017 | Serial | 1.481% | 100
|
| $8.3 million | 2018 | Serial | 1.955% | 100
|
| $8.3 million | 2019 | Serial | 2.205% | 100
|
| $8.3 million | 2020 | Serial | 2.534% | 100
|
| $8.3 million | 2021 | Serial | 2.834% | 100
|
| $8.3 million | 2022 | Serial | 2.934% | 100
|
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