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Massachusetts Development to price $740.97 million bonds for Harvard
By Sheri Kasprzak
New York, Nov. 4 - The Massachusetts Development Finance Authority plans to bring to market $740.97 million of series 2010B revenue bonds for Harvard University, according to a preliminary official statement.
The offering includes $498.9 million of series 2010B-1 bonds, $181.265 million of series 2010B-2 bonds and $60.805 million of series 2010B-3 bonds.
The bonds (Aaa/AAA/) will be sold on a negotiated basis with Morgan Stanley & Co. Inc. as the senior manager. The co-managers are Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Barclays Capital Inc.
The 2010B-1 bonds are due 2028 to 2030 with a 2040 term bond. The 2010B-2 bonds are due 2034, and the 2010B-3 bonds are due 2020 to 2024.
Proceeds will be used to refund the university's series FF, series BB and series L bonds.
The Boston-based authority provides financing to nonprofit and educational organizations throughout the state.
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