CHICAGO - Wisconsin plans to come to market as soon as March 20 with nearly $400 million of new money and refunding transportation revenue bonds.
Jefferies is the senior manager and Siebert Brandford Shank & Co. LLC is co-senior with another four firms rounding out the syndicate. Robert W. Baird & Co. is advising the state and Quarles & Brady LLP is bond counsel.
The state capital finance office said in an email it was targeting Thursday but "will monitor the market and look for the best opportunity."
Wisconsin was just in the market on Wednesday with $300 million of general obligation refunding bonds.
The new deal has two tranches. The 2014 Series 1 for $310 million includes $270 million of new money to finance transportation facilities and highway projects. It also includes $40 million of current refunding bonds, according to the offering statement. The new money matures in 20 years with an eight year call feature.
The 2015 Series 1 for $83 million is a forward delivery of refunding bonds.
The state has not yet received updated ratings reports from Fitch Ratings, Moody's Investors Service, and Standard & Poor's. It has also asked Kroll Bond Rating Agency to review the credit. The bond program carries existing ratings in the double-A range.
The bonds have a first claim on vehicle registration fees and other registration-related fees including vehicle title transaction fees, registration and title counter service fees, and personalized license plate issuance and renewal fees.
Lawmakers approved in the state's new two-year budget last year $1.8 billion in new borrowing, including $409 million of revenue-backed bonds for major highway projects and $1.4 billion of general obligation bonding for transportation projects, public university buildings, natural resources, State Building Commission projects, and health services and corrections projects.
