Published on 2/18/2016 in the Prospect News Municipals Daily.
New Issue: Nevada brings to market $292.6 million of motor vehicle fuel tax bonds
By Sheri Kasprzak
New York, Feb. 18 – The State of Nevada sold $292.6 million of series 2016 motor vehicle fuel tax improvement and refunding bonds, according to a pricing sheet.
The bonds (Aa2/AAA/AA+) were sold competitively with Wells Fargo Securities LLC winning the bid at a 2.91% true interest cost.
The bonds are due 2017 to 2029 with 3% to 5% coupons and yields from 0.55% to 2.67%.
Proceeds will be used to finance capital improvements and refund existing debt.
| Issuer: | State of Nevada
|
| Issue: | Series 2016 motor vehicle fuel tax improvement and refunding bonds
|
| Amount: | $292.6 million
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Securities LLC (winner)
|
| True interest cost: | 2.91%
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AAA
|
| Fitch: AA+
|
| Pricing date: | Feb. 17
|
| Settlement date: | March 9
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,905,000 | 2017 | Serial | 5% | 107.64 | 0.55%
|
| $6,205,000 | 2018 | Serial | 5% | 111.683 | 0.67%
|
| $1.27 million | 2019 | Serial | 5% | 115.354 | 0.81%
|
| $12.8 million | 2020 | Serial | 5% | 118.832 | 0.92%
|
| $11,965,000 | 2021 | Serial | 5% | 121.776 | 1.07%
|
| $12,585,000 | 2022 | Serial | 5% | 124.05 | 1.26%
|
| $13.22 million | 2023 | Serial | 5% | 125.612 | 1.48%
|
| $27,315,000 | 2024 | Serial | 5% | 127.03 | 1.66%
|
| $28,705,000 | 2025 | Serial | 5% | 128.436 | 1.80%
|
| $32,155,000 | 2026 | Serial | 5% | 128.582 | 1.91%
|
| $44.56 million | 2027 | Serial | 5% | 127.621 | 2.00%
|
| $46.79 million | 2028 | Serial | 5% | 126.563 | 2.10%
|
| $49,125,000 | 2029 | Serial | 3% | 102.934 | 2.67%
|
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