By Sheri Kasprzak
New York, June 24 - The Massachusetts Educational Financing Authority priced $108.9 million of series 2011J education loan revenue bonds, said a pricing sheet.
The bonds (/AA/A) were sold through Morgan Stanley & Co. Inc. with Bank of America Merrill Lynch, Fidelity Capital Markets LLC and J.P. Morgan Securities LLC as the co-managers.
The bonds are due 2017 to 2029 with a term bond due in 2033. The serial coupons range from 4% to 5.625%. The 2033 bonds have a 5.625% coupon priced at 98.449.
Proceeds will be used to fund educational loans to qualified students in Massachusetts.
| Issuer: | Massachusetts Educational Financing Authority
|
| Issue: | Series 2011J education loan revenue bonds
|
| Amount: | $108.9 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Bank of America Merrill Lynch, Fidelity Capital Markets LLC and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: A
|
| Pricing date: | June 23
|
| Settlement date: | July 13
|
|
|
| Maturity | Type | Coupon | Price
|
| 2017 | Serial | 4% | 102.345
|
| 2018 | Serial | 4% | 99.398
|
| 2019 | Serial | 4.75% | 102.059
|
| 2019 | Serial | 5% | 103.721
|
| 2020 | Serial | 4.625% | 99.454
|
| 2020 | Serial | 5% | 102.172
|
| 2021 | Serial | 5% | 100.936
|
| 2022 | Serial | 5.125% | NRO
|
| 2023 | Serial | 5% | 98.495
|
| 2024 | Serial | 5.25% | 99.348
|
| 2025 | Serial | 5.375% | 99.271
|
| 2026 | Serial | 5.5% | 99.293
|
| 2027 | Serial | 5.5% | 98.743
|
| 2028 | Serial | 5.625% | 99.511
|
| 2029 | Serial | 5.625% | 99.161
|
| 2033 | Term | 5.625% | 98.449
|
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