By Stephen Nakrosis
The State of Connecticut is offering a total of $1.6 billion in general obligation bonds, with proceeds expected to finance several projects and to refund existing bonds.
The state is offering $150 million in Series A and $1.15 billion in Series B tax-exempt bonds. The offering also includes $300 million in federally taxable, Connecticut tax-exempt bonds. Proceeds from the Series A and the taxable bonds will be used to finance various projects and purposes, while the Series B bonds will be used for refunding purposes, according to documents on MuniOS.
Investor luncheons will be held in Boston, New York and Hartford during the week of April 14, and the retail order period will open on April 22. Institutional pricing is scheduled for April 23, and the offering is slated to close on May 7.
The bonds are secured by the full faith and credit of the state. Moody's has assigned the offering a rating of Aa3, while S&P and Fitch have both given it a rating of AA-.
The Series A bonds will begin maturing on March 15, 2026, with final maturity on March 15, 2045. The Series B bonds mature beginning Dec. 1, 2025, continuing through Dec. 1, 2035. The taxable bonds mature between March 15, 2026 and March 15, 2035.
Barclays and Ramirez & Co. are listed among the offering's lead managers.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 08, 2025 16:10 ET (20:10 GMT)
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