For immediate release:  February 9, 2000
For more information:  Barton Potter (360) 902-9033

Goldman Sachs, Merrill Lynch Win Washington State Bond Bids

Goldman Sachs offered a true interest cost (TIC) bid of 5.8956 percent on a purchase of $253 million of Series 2000B various purpose general obligation bonds (SFC Resolution 909). The proceeds will be used to finance projects authorized by the state’s 1999-2001 capital budget or to reimburse construction accounts for work already completed.

Also bidding were Bear Sterns (5.9106 percent TIC), Merrill Lynch (5.9113) and Salomon Smith Barney (5.9009).

Merrill Lynch was the successful bidder for $27 million in Series 2000C motor vehicle fuel tax general obligation bonds with a TIC bid of 5.9600334 percent (SFC Resolution 910). The proceeds will pay off the final portion of a Washington State Ferries contract with Todd Pacific Shipyards to build three Jumbo Mark II ferries in Seattle.

Also competing was Salomon Smith Barney with a TIC bid of 5.9913.

“Once again, these bids show that firms work very hard to get our business,” Washington State Treasurer Michael J. Murphy said. “A little healthy competition makes this a fairer process, and Washington’s taxpayers are ultimately the big winners.” Treasurer Murphy is chairman of the State Finance Committee and serves on the committee along with Gov. Gary Locke and Lt. Gov. Brad Owen.

###