Published on 5/31/2012 in the Prospect News Municipals Daily.
New Issue: Massachusetts Educational Financing prices $168.34 million revenue bonds
By Sheri Kasprzak
New York, May 31 - The Massachusetts Educational Financing Agency sold $168,335,000 of series 2012J education loan revenue bonds, said a pricing sheet.
The bonds (/AA/A) were sold through Morgan Stanley & Co. LLC. The co-managers were Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
The bonds are due 2018 to 2028 with a term bond due in 2030. The serial coupons range from 3.1% to 5%. The 2030 bonds have a 5% coupon and priced at 100.359.
Proceeds will be used to fund fixed-rate educational loans.
| Issuer: | Massachusetts Educational Financing Agency
|
| Issue: | Series 2012J education loan revenue bonds
|
| Amount: | $168,335,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch and J.P. Morgan Securities LLC
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: A
|
| Pricing date: | May 31
|
| Settlement date: | June 27
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,465,000 | 2018 | Serial | 3.1% | 100
|
| $6,085,000 | 2018 | Serial | 5% | 110.52
|
| $410,000 | 2019 | Serial | 3.35% | 100
|
| $13,295,000 | 2019 | Serial | 5% | 110.365
|
| $590,000 | 2020 | Serial | 3.65% | 100
|
| $14,635,000 | 2020 | Serial | 5% | 109.522
|
| $560,000 | 2021 | Serial | 3.95% | 100
|
| $15.95 million | 2021 | Serial | 5% | 108.132
|
| $17.65 million | 2022 | Serial | 4.25% | 99.75
|
| $16.9 million | 2023 | Serial | 4.375% | 99.5
|
| $18,225,000 | 2024 | Serial | 4.375% | 98.5
|
| $16,575,000 | 2025 | Serial | 4.625% | 99.5
|
| $13.37 million | 2026 | Serial | 4.7% | 99.5
|
| $2,545,000 | 2027 | Serial | 4.8% | 100
|
| $25.73 million | 2028 | Serial | 4.9% | 100
|
| $4.35 million | 2030 | Serial | 5% | 100.359
|
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