By Sheri Kasprzak
New York, Feb. 11 - The Commonwealth of Massachusetts sold $146.28 million of series 2011A Sifma index general obligation refunding bonds, according to an official statement.
The bonds were sold through Morgan Stanley & Co. Inc.
The co-managers were Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Fidelity Capital Markets, Jefferies & Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc., Raymond James & Associates Inc. and Siebert Brandford Shank & Co. LLC.
The bonds are due 2012 to 2015. The 2012 bonds bear interest at the Sifma index rate, and the 2013 bonds bear interest at the Sifma rate plus 30 basis points. The 2014 bonds bear interest at the Sifma rate plus 48 bps, and the 2015 bonds bear interest at the Sifma rate plus 66 bps.
Proceeds will be used to refund the commonwealth's series 2005 variable-rate G.O. refunding bonds, as well as to terminate a swap agreement connected to those bonds.
| Issuer: | Commonwealth of Massachusetts
|
| Issue: | Series 2011A Sifma index general obligation refunding bonds
|
| Amount: | $146.28 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Fidelity Capital Markets, Jefferies & Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc., Raymond James & Associates Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $25 million | 2012 | Serial | Sifma rate | 100
|
| $25 million | 2013 | Serial | Sifma rate plus 30 bps | 100
|
| $71.28 million | 2014 | Serial | Sifma rate plus 48 bps | 100
|
| $25 million | 2015 | Serial | Sifma rate plus 66 bps | 100
|
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