Published on 3/17/2016 in the Prospect News Municipals Daily.
New Issue: Connecticut brings to market $523.62 million general obligation bonds
By Sheri Kasprzak
New York, March 17 – The State of Connecticut came to market with $523,619,055 of series 2016A general obligation bonds, downsized from $550 million, according to a pricing sheet.
The bonds (Aa3/AA/AA) are due 2017 to 2035 with 2% to 5% coupons.
The bonds were sold through senior manager Ramirez & Co. Inc.
Proceeds will be used to finance capital expenditures for the state.
| Issuer: | State of Connecticut
|
| Issue: | Series 2016A general obligation bonds
|
| Amount: | $523,619,055
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Citigroup Global Markets Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, William Blair & Co. Inc., Baird & Co., Barclays, Blaylock Beal Van LLC, Cabrera Capital Markets Inc., Estrada Hinojosa & Co. Inc., Fidelity Capital Markets Inc., Goldman, Sachs & Co., KeyBanc Capital Markets LLC, Prager & Co. Inc., RBC Capital Markets LLC, Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | March 17
|
| Settlement date: | March 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $42.5 million | 2017 | Serial | 3% | NRO
|
| $42.5 million | 2018 | Serial | 4% | NRO
|
| $5,785,000 | 2019 | Serial | 3% | 104.472
|
| $2,495,000 | 2019 | Serial | 2% | 102.23
|
| $17.61 million | 2019 | Serial | 4% | 108.023
|
| $1.97 million | 2020 | Serial | 3% | 105.941
|
| $23.86 million | 2020 | Serial | 5% | 113.608
|
| $1.04 million | 2021 | Serial | 4% | 111.194
|
| $24.79 million | 2021 | Serial | 5% | 115.937
|
| $23.83 million | 2022 | Serial | 5% | 117.755
|
| $1,925,000 | 2023 | Serial | 4% | 112.585
|
| $23,905,000 | 2023 | Serial | 5% | 119.039
|
| $1.2 million | 2024 | Serial | 4% | 112.685
|
| $2.15 million | 2024 | Serial | 5% | 119.935
|
| $4,055,000 | 2025 | Serial | 4% | 112.827
|
| $21,775,000 | 2025 | Serial | 5% | 120.845
|
| $6,205,000 | 2026 | Serial | 4% | 112.962
|
| $19,625,000 | 2026 | Serial | 5% | 121.72
|
| $25.83 million | 2027 | Serial | 5% | 120.546
|
| $25.83 million | 2028 | Serial | 5% | 119.771
|
| $25.83 million | 2029 | Serial | 5% | 119.002
|
| $25.83 million | 2030 | Serial | 3% | 98.594
|
| $25.83 million | 2031 | Serial | 5% | 117.482
|
| $25.83 million | 2032 | Serial | 5% | 116.73
|
| $25.83 million | 2033 | Serial | 3.25% | 98.395
|
| $25.83 million | 2034 | Serial | 4% | 115.337
|
| $25.83 million | 2034 | Serial | 5% | 115.799
|
| $25.83 million | 2035 | Serial | 4% | 104.172
|
|
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