By Sheri Kasprzak
New York, Jan. 9 - The Massachusetts Health and Educational Facilities Authority priced $57.69 million in series 2009K revenue bonds for Amherst College, according to an official statement released Friday.
The bonds (Aaa/VMIG1/AAA/A-1+/) were sold on a negotiated basis with Merrill Lynch & Co. as the lead manager.
The sale included $7.17 million in series 2009K-1 revenue bonds and $50.52 million in series 2009K-2 variable-rate demand revenue bonds.
The 2009K-1 bonds are due 2009 to 2021 with coupons from 2.5% to 5% and yields from 0.75% to 4.03%. The 2009K-2 bonds, which are due Nov. 1, 2038, have an initial coupon of 2.75%, priced at par.
Proceeds will be used to defease the college's outstanding series G bonds and to make a deposit to the college's project fund.
Issuer: | Massachusetts Health and Educational Facilities Authority/Amherst College
|
Issue: | Series 2009K revenue bonds
|
Amount: | $57.69 million
|
Type: | Negotiated
|
Underwriter: | Merrill Lynch & Co.
|
Ratings: | Moody's: Aaa/VMIG1
|
| Standard & Poor's: AAA/A-1+
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Pricing date: | Jan. 8
|
Settlement date: | Jan. 15
|
|
Series 2009K-1 bonds
|
Maturity | Type | Coupon | Yield
|
2009 | Serial | 3% | 0.75%
|
2010 | Serial | 2.5% | 0.80%
|
2011 | Serial | 3.5% | 1.80%
|
2011 | Serial | 5% | 1.80%
|
2012 | Serial | 3.75% | 1.95%
|
2013 | Serial | 4% | 2.16%
|
2014 | Serial | 4% | 2.37%
|
2015 | Serial | 4% | 2.57%
|
2016 | Serial | 4% | 2.79%
|
2017 | Serial | 4% | 3.01%
|
2018 | Serial | 4% | 3.26%
|
2019 | Serial | 4% | 3.49%
|
2020 | Serial | 4% | 3.78%
|
2020 | Serial | 5% | 3.78%
|
2021 | Serial | 4% | 4.03%
|
|
Series 2009K-2 bonds
|
Maturity | Type | Coupon | Yield
|
2038 | Term | 2.75% | 2.75%
|
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