Washington competitively priced $386.4 million in refunding general obligation bonds Tuesday.
The deal was won by Goldman, Sachs & Co., with M.R. Beal as co-manager, at a 3.68% true interest cost, ahead of five other bidders, with the highest bid being 3.8%, according to Thomson Reuters data.
The state will enjoy more than $34.1 million in net present-value savings from the refunding of bonds originally sold in 1999, according to a news release from state Treasurer James McIntire.
“Of that, $4.5 million is saved in the next biennium,” he said. “These are savings that were not anticipated in the budget that was just adopted.”
Washington GO bonds are rated AA-plus by Standard & Poor’s, Aa1 by Moody’s Investors Service, and AA by Fitch Ratings.
