By Stephen Nakrosis

The state of Connecticut issued $936.7 million of general obligation bonds in three tranches, including one which is designated as social bonds.

The state sold $560 million of 2024 Series F GO bonds, $240 million of 2024 Series G social bonds, and $136.7 million of 2024 Series H GO refunding bonds, according to offering documents posted on MuniOS on Friday.

Proceeds from the Series F bonds are slated to finance water pollution control, agricultural land use, and housing trust fund projects, among others. The Series F offering will also include authorization for University of Connecticut bonds, as well as General State Purpose bonds.

The Series G Social bonds are slated to finance various school construction projects, with the state reimbursing local districts for a portion of construction costs.

The proceeds from the Series H bonds are expected to refund previously issued general obligation bonds.

The Series F bonds have an initial maturity date of Nov. 15, 2025, with the latest maturity date of Nov. 15, 2038. The bonds offer an interest rate of 5% and yields varying from 2.54% to 3.23%.

The Series G bonds will begin to mature on Nov. 15, 2039, and continue through Nov. 15, 2044. The bonds carry interest rates of 3% to 5% and yields ranging from 3.29% to 3.87%.

The Series H bonds will start to mature on Nov. 15, 2025 and continue through Nov. 15, 2034. These bonds have a 5% interest rate and yields ranging from 2.54% to 2.99%.

Moody's Ratings has rated the bonds Aa3, and S&P Global Ratings has given them a AA- rating. Moody's has given the state's general obligation debt a positive outlook, while S&P has given it a stable outlook.

The bonds are exempt from federal and state taxes. Delivery is expected on or about Oct. 23.

Siebert Williams Shank & Co. is listed as the offering's lead manager.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 11, 2024 15:36 ET (19:36 GMT)

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