By Sheri Kasprzak
New York, Sept. 18 - The Commonwealth of Massachusetts sold $550 million of series 2013 general obligation revenue anticipation notes, according to a pricing sheet. The offering was downsized from $800 million.
The deal includes $50 million of series 2013A notes, downsized from $200 million, $200 million of series 2013B notes, downsized from $300 million, and $300 million of series 2013C notes.
The 2013A notes are due April 24, 2014 and have a 2% coupon priced at par for a yield of 0.04%.
The 2013B notes are due May 29, 2014 and have a 2% coupon priced at par for a yield of 0.05%.
The 2013C notes are due June 26, 2014 and have a 2% coupon priced at 101.459 for a yield of 0.06%.
The notes (MIG 1/SP-1+/F1+) were sold competitively. The overall true interest cost for the notes came in at 0.544%. The issuer did not immediately respond to requests for the winning bidder Wednesday.
Proceeds will be used to finance certain capital requirements for the commonwealth ahead of the collection of revenues during the 2014 fiscal year.
| Issuer: | Commonwealth of Massachusetts
|
| Issue: | Series 2013 general obligation revenue anticipation notes
|
| Amount: | $550 million
|
| Type: | Competitive
|
| True interest cost: | 0.544%
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 25
|
|
|
| $50 million series 2013A notes
|
| Maturity | Type | Coupon | Price | Yield
|
| April 24, 2014 | Term | 2% | 100 | 0.04%
|
|
|
| $200 million series 2013B notes
|
| Maturity | Type | Coupon | Price | Yield
|
| May 29, 2014 | Term | 2% | 100 | 0.05%
|
|
|
| $300 million series 2013C notes
|
| Maturity | Type | Coupon | Price | Yield
|
| June 26, 2014 | Term | 2% | 101.459 | 0.06%
|
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