By Sheri Kasprzak
New York, Sept. 8 - The Commonwealth of Massachusetts priced $652.79 million in series 2008A general obligation bonds on Thursday, according to an official statement released Monday.
The bonds (Aa2/AA/AA) were sold through senior manager Citigroup Global Markets.
The co-managers were Fidelity Capital Markets; Goldman, Sachs & Co.; J.P. Morgan Securities Inc.; Lehman Brothers; Merrill Lynch; Banc of America Securities LLC; Cabrera Capital Markets; Corby Capital Markets; Depfa First Albany; Eastern Bank Capital Markets; Finacorp Securities; Loop Capital Markets; M.R. Beal & Co.; Melvin & Co.; Morgan Keegan & Co.; RBC Capital Markets; Ramirez & Co.; Raymond James & Associates; Southwest Securities; Sovereign Securities Corp.; and Wachovia Bank.
The bonds are due from 2009 to 2028 with term bonds due 2033, 2038 and 2038. The serials have coupons from 3% to 5% and yields from 1.6% to 4.54%.
The 2033 bonds have a 5% coupon to yield 4.71%. The 2038 bonds have a 4.75% coupon to yield 4.8%, and the 2038 bonds have a 5% coupon to yield 4.77%.
Proceeds will be used to fund or reimburse the state for costs within the current capital spending plan. The remainder will refund the state's series 2008D-1 and series 2008D-2 auction-rate bonds.
| Issuer: | Commonwealth of Massachusetts
|
| Issue: | Series 2008A general obligation bonds
|
| Amount: | $652.79 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets (lead); Fidelity Capital Markets; Goldman, Sachs & Co.; J.P. Morgan Securities Inc.; Lehman Brothers; Merrill Lynch; Banc of America Securities LLC; Cabrera Capital Markets; Corby Capital Markets; Depfa First Albany; Eastern Bank Capital Markets; Finacorp Securities; Loop Capital Markets; M.R. Beal & Co.; Melvin & Co.; Morgan Keegan & Co.; RBC Capital Markets; Ramirez & Co.; Raymond James & Associates; Southwest Securities; Sovereign Securities Corp.; and Wachovia Bank
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Sept. 4
|
| Settlement date: | Sept. 11
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 1.60%
|
| 2010 | Serial | 3% | 2.07%
|
| 2011 | Serial | 3% | 2.41%
|
| 2012 | Serial | 3.5% | 2.66%
|
| 2013 | Serial | 3.5% | 2.85%
|
| 2013 | Serial | 4% | 2.85%
|
| 2014 | Serial | 3% | 3.07%
|
| 2014 | Serial | 4% | 3.07%
|
| 2015 | Serial | 3.2% | 3.23%
|
| 2015 | Serial | 4% | 3.23%
|
| 2016 | Serial | 3.375% | 3.39%
|
| 2016 | Serial | 5% | 3.39%
|
| 2017 | Serial | 4% | 3.55%
|
| 2017 | Serial | 5% | 3.55%
|
| 2018 | Serial | 3.7% | 3.70%
|
| 2018 | Serial | 5% | 3.70%
|
| 2019 | Serial | 3.8% | 3.86%
|
| 2019 | Serial | 5% | 3.86%
|
| 2020 | Serial | 5% | 4.10%
|
| 2021 | Serial | 5% | 4.12%
|
| 2022 | Serial | 5% | 4.19%
|
| 2023 | Serial | 4.25% | 4.29%
|
| 2024 | Serial | 5% | 4.31%
|
| 2025 | Serial | 5% | 4.36%
|
| 2026 | Serial | 5% | 4.41%
|
| 2027 | Serial | 5% | 4.46%
|
| 2028 | Serial | 4.5% | 4.54%
|
| 2028 | Serial | 5% | 4.51%
|
| 2033 | Term | 5% | 4.71%
|
| 2038 | Term | 4.75% | 4.80%
|
| 2038 | Term | 5% | 4.77%
|
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