Published on 11/6/2013 in the Prospect News Municipals Daily.
New Issue: Massachusetts brings $423.72 million transportation fund revenue bonds
By Sheri Kasprzak
New York, Nov. 6 - The Commonwealth of Massachusetts sold $423.72 million of series 2013A commonwealth transportation fund revenue bonds, said a pricing sheet.
The bonds (Aaa) were sold through BofA Merrill Lynch.
The bonds are due 2023 to 2038 with a term bond due in 2043. The serial coupons range from 3.5% to 5% with yields from 2.45% to 4.25%. The 2043 bonds have a 4.375% coupon priced at 98.771 to yield 4.45% and a 5% coupon priced at 105.591 to yield 4.13%.
Proceeds will be used to finance the construction and improvement of bridges in the commonwealth, as well as to advance refund a portion of the commonwealth's series 2005A consolidated loan special obligation revenue bonds.
| Issuer: | Commonwealth of Massachusetts
|
| Issue: | Series 2013A commonwealth transportation fund revenue bonds
|
| Amount: | $423.72 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc., Jefferies & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-senior managers); Baird & Co., Barclays, Cabrera Capital Markets LLC, CastleOak Securities LP, Edward D. Jones & Co. LP, Estrada Hinojosa & Co. Inc., Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Lebenthal | Co. LLC, Oppenheimer & Co. Inc., Piper Jaffray & Co., Prager & Co. LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc., Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, TD Securities, U.S. Bancorp Investments Inc. and The Williams Capital Group LP (co-managers)
|
| Rating: | Moody's: Aaa
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,415,000 | 2023 | Serial | 5% | 121.594 | 2.45%
|
| $15.49 million | 2025 | Serial | 5% | 114.291 | 2.88%
|
| $16,675,000 | 2026 | Serial | 5% | 113.132 | 3.04%
|
| $17,835,000 | 2027 | Serial | 5% | 112.057 | 3.19%
|
| $4,085,000 | 2028 | Serial | 3.5% | 100 | 3.50%
|
| $2,045,000 | 2028 | Serial | 5% | 110.995 | 3.34%
|
| $6,755,000 | 2029 | Serial | 5% | 110.084 | 3.47%
|
| $7.37 million | 2030 | Serial | 5% | 109.25 | 3.59%
|
| $8.17 million | 2031 | Serial | 5% | 108.63 | 3.68%
|
| $9,055,000 | 2032 | Serial | 5% | 108.014 | 3.77%
|
| $2.93 million | 2033 | Serial | 4% | 100 | 4.00%
|
| $7.16 million | 2033 | Serial | 5% | 107.606 | 3.83%
|
| $11.12 million | 2034 | Serial | 5% | 107.199 | 3.89%
|
| $12,265,000 | 2035 | Serial | 5% | 106.795 | 3.95%
|
| $13,505,000 | 2036 | Serial | 5% | 106.526 | 3.99%
|
| $15 million | 2037 | Serial | 4% | 96.3 | 4.25%
|
| $16,495,000 | 2038 | Serial | 5% | 106.191 | 4.04%
|
| $137 million | 2043 | Term | 4.375% | 98.771 | 4.45%
|
| $112.35 million | 2043 | Term | 5% | 105.591 | 4.13%
|
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