By Cristal Cody
Springdale, Ark., April 23 - The Massachusetts Bay Transportation Authority priced $49.77 million of senior sales tax bonds on Wednesday with a 4.2662% true interest cost, a source told Prospect News.
The 2008B bonds (Aa2/AAA/) priced with 3% to 5.25% coupons to yield 2.6% to 4.6%.
The bonds have serial maturities from 2011 through 2028 and a term bond due 2033.
The pricing originally had been expected at $53.385 million, but a premium affected the final par amount, the source said.
Lehman Brothers managed the negotiated sale.
Proceeds will be used to refund the $29.75 million series A bond anticipation notes and $20.9 million from certain maturities of the series 1995 general obligation transportation system bonds, series 2000A and 2002A sales tax bonds and the series 2005A assessment bonds.
| Issuer: | Massachusetts Bay Transportation Authority
|
| Issue: | Senior sales tax bonds
|
| Amount: | $49.77 million
|
| Type: | Negotiated
|
| True interest cost: | 4.2662%
|
| Coupons: | 3% to 5.25%
|
| Yields: | 2.6% to 4.6%
|
| Maturities: | 2011 to 2028, term bond due 2033
|
| Underwriter: | Lehman Brothers
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Pricing date: | April 23
|
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