By Sheri Kasprzak
New York, May 18 - The Massachusetts Department of Transportation priced $976.97 million in series 2010 metropolitan highway system revenue bonds (A3/A/A+), said a source close to the deal. The department had intended to sell $1.101 billion.
The deal included $46.405 million in series 2010A-1 variable-rate bonds, $49.965 million in series 2010A-2 variable-rate bonds and $880.6 million in series 2010B bonds.
The terms of the variable-rate bonds were not immediately available. The 2010B bonds are due 2011 to 2029 with term bonds due 2032 and 2037. Coupons range from 2% to 5% with yields from 0.86% to 4.81%.
Both variable-rate bonds are due 2037.
J.P. Morgan Securities Inc. was the lead manager for the 2010A bonds, and Citigroup Global Markets Inc. was the senior manager for the 2010B bonds.
The co-managers were Bank of America Merrill Lynch; Barclays Capital Inc.; Fidelity Capital Markets LLC; Janney Montgomery Scott LLC; Loop Capital Markets LLC; Mesirow Financial Inc.; Siebert Brandford Shank & Co. LLC; and Wells Fargo Securities LLC.
Proceeds will be used to offset payments under a swap agreement entered with UBS Financial Services Inc., as well as to refund the department's series 1997 bonds.
| Issuer: | Massachusetts Department of Transportation
|
| Issue: | Series 2010 metropolitan highway system revenue bonds
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| Amount: | $976.97 million
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| Maturities: | 2011 to 2029 with term bonds due 2032 and 2037 (for 2010B)
|
| Coupons: | 2% to 5% (for 2010B)
|
| Yields: | 0.86% to 4.81% (for 2010B)
|
| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities Inc. (lead for 2010A); Citigroup Global Markets Inc. (lead for 2010B); Bank of America Merrill Lynch; Barclays Capital Inc.; Fidelity Capital Markets LLC; Janney Montgomery Scott LLC; Loop Capital Markets LLC; Mesirow Financial Inc.; Siebert Brandford Shank & Co. LLC; and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | May 18
|
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