Published on 11/20/2014 in the Prospect News Municipals Daily.
New Issue: Connecticut offers up $559.44 million of G.O. bonds in three tranches
By Sheri Kasprzak
New York, Nov. 20 – The State of Connecticut priced $559,435,000 of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $240 million of series 2014F G.O. bonds, $60 million of series 2014G green G.O. bonds and $259,435,000 of series 2014H G.O. refunding bonds.
The 2014F bonds are due 2015 to 2027 and 2032 to 2034 with 1.5% to 5% coupons. The 2014G bonds are due 2028 to 2031 with 3.25% to 5% coupons. The 2014H bonds are due 2016 to 2025 with 3% to 5% coupons.
The bonds were sold through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to finance various state projects, including clean water projects, as well as to refund outstanding bonds.
| Issuer: | State of Connecticut
|
| Issue: | Series 2014 general obligation bonds
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| Amount: | $559,435,000
|
| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead), Barclays, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Williams Capital Group LP, Robert Baird & Co., Blaylock Beal Van LLC, Estrada Hinojosa & Co., Janney Montgomery Scott LLC, Jefferies & Co., KeyBanc Capital Markets Inc., Loop Capital Markets LLC, Prager & Co. LLC, Rice Financial Products Co., U.S. Bancorp Investments Inc. and William Blair & Co. (co-managers)
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| Pricing date: | Nov. 20
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| Settlement date: | Dec. 10
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| $240 million series 2014F G.O. bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $15 million | 2015 | Serial | 1.5% | 101.254
|
| $15 million | 2016 | Serial | 3% | 104.994
|
| $15 million | 2017 | Serial | 4% | 109.478
|
| $2.43 million | 2018 | Serial | 2% | 103.53
|
| $2.92 million | 2018 | Serial | 4% | 111.206
|
| $9.65 million | 2018 | Serial | 5% | 115.044
|
| $1.75 million | 2019 | Serial | 3% | 107.695
|
| $1,575,000 | 2019 | Serial | 4% | 112.446
|
| $11,675,000 | 2019 | Serial | 5% | 117.196
|
| $1,155,000 | 2020 | Serial | 2% | 101.571
|
| $13,845,000 | 2020 | Serial | 5% | 118.416
|
| $2,355,000 | 2021 | Serial | 2% | 100
|
| $1,525,000 | 2021 | Serial | 4% | 112.882
|
| $11.12 million | 2021 | Serial | 55 | 119.323
|
| $2,215,000 | 2022 | Serial | 2.125% | 9.311
|
| $3.45 million | 2022 | Serial | 4% | 112.876
|
| $9,335,000 | 2022 | Serial | 5% | 120.111
|
| $810,000 | 2023 | Serial | 3% | 104.96
|
| $1.32 million | 2023 | Serial | 4% | 112.962
|
| $12.87 million | 2023 | Serial | 5% | 120.965
|
| $1.34 million | 2024 | Serial | 2.375% | 98.819
|
| $13.66 million | 2024 | Serial | 5% | 121.764
|
| $550,000 | 2025 | Serial | 3% | 101.809
|
| $14.45 million | 2025 | Serial | 5% | 120.495
|
| $6.53 million | 2026 | Serial | 3% | 100
|
| $8.47 million | 2026 | Serial | 5% | 119.434
|
| $3.97 million | 2027 | Serial | 3.125% | 99.734
|
| $11.03 million | 2027 | Serial | 5% | 118.86
|
| $15 million | 2032 | Serial | 5% | 116.224
|
| $9.39 million | 2033 | Serial | 3.5% | 98.498
|
| $5.61 million | 2033 | Serial | 5% | 115.76
|
| $1.75 million | 2034 | Serial | 4% | 103.397
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| $13.25 million | 2034 | Serial | 5% | 115.299
|
|
|
| $60 million series 2014G green G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15 million | 2028 | Serial | 5% | 118.1
|
| $4,825,000 | 2029 | Serial | 3.25% | 98.715
|
| $10,175,000 | 2029 | Serial | 5% | 117.627
|
| $15 million | 2030 | Serial | 4% | 105.105
|
| $15 million | 2031 | Serial | 5% | 116.689
|
|
|
| $259,435,000 series 2014H G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $20,625,000 | 2016 | Serial | 3% | 104.994
|
| $51,315,000 | 2017 | Serial | 4% | 109.463
|
| $50.96 million | 2018 | Serial | 5% | 115.044
|
| $19,685,000 | 2019 | Serial | 5% | 117.196
|
| $19.65 million | 2020 | Serial | 5% | 118.416
|
| $19,595,000 | 2021 | Serial | 5% | 119.323
|
| $19,545,000 | 2022 | Serial | 5% | 120.111
|
| $19,455,000 | 2023 | Serial | 5% | 120.965
|
| $19,365,000 | 2024 | Serial | 5% | 121.764
|
| $19.24 million | 2025 | Serial | 5% | 121.748
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