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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, LebenthalCo. 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
AmountMaturityTypeCouponPriceYield
$8,415,0002023Serial5%121.5942.45%
$15.49 million2025Serial5%114.2912.88%
$16,675,0002026Serial5%113.1323.04%
$17,835,0002027Serial5%112.0573.19%
$4,085,0002028Serial3.5%1003.50%
$2,045,0002028Serial5%110.9953.34%
$6,755,0002029Serial5%110.0843.47%
$7.37 million2030Serial5%109.253.59%
$8.17 million2031Serial5%108.633.68%
$9,055,0002032Serial5%108.0143.77%
$2.93 million2033Serial4%1004.00%
$7.16 million2033Serial5%107.6063.83%
$11.12 million2034Serial5%107.1993.89%
$12,265,0002035Serial5%106.7953.95%
$13,505,0002036Serial5%106.5263.99%
$15 million2037Serial4%96.34.25%
$16,495,0002038Serial5%106.1914.04%
$137 million2043Term4.375%98.7714.45%
$112.35 million2043Term5%105.5914.13%

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