Published on 5/8/2012 in the Prospect News Municipals Daily.
New Issue: Massachusetts sells $419.26 million transportation fund revenue bonds
By Sheri Kasprzak
New York, May 8 - The Commonwealth of Massachusetts sold $419.26 million of series 2012A commonwealth transportation fund revenue bonds on Tuesday, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold competitively with J.P. Morgan Securities LLC winning the bid.
The bonds are due 2013 to 2036 with term bonds due in 2040 and 2041. The serial coupons range from 2% to 5%. The 2040 bonds have a 3.75% coupon priced at 100.379. The 2041 bonds have a 4% coupon priced at 102.286.
Proceeds will be used to finance bridge-related capital expenditures for the commonwealth.
| Issuer: | Commonwealth of Massachusetts
|
| Issue: | Series 2012A commonwealth transportation fund revenue bonds
|
| Amount: | $419.26 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | May 8
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.78 million | 2013 | Serial | 2% | 101.887
|
| $8,475,000 | 2014 | Serial | 5% | 109.55
|
| $8.7 million | 2015 | Serial | 5% | 113.644
|
| $9.26 million | 2016 | Serial | 5% | 117.379
|
| $9.84 million | 2017 | Serial | 5% | 120.668
|
| $10,635,000 | 2018 | Serial | 5% | 123.47
|
| $11.46 million | 2019 | Serial | 5% | 125.517
|
| $12.53 million | 2020 | Serial | 5% | 127.123
|
| $13.66 million | 2021 | Serial | 5% | 128.038
|
| $14.48 million | 2022 | Serial | 5% | 126.502
|
| $16,085,000 | 2023 | Serial | 5% | 125.176
|
| $12.68 million | 2024 | Serial | 5% | 124.053
|
| $12.94 million | 2025 | Serial | 5% | 122.941
|
| $13.19 million | 2026 | Serial | 4% | 111.132
|
| $13,405,000 | 2027 | Serial | 4.5% | 115.66
|
| $13.6 million | 2028 | Serial | 4% | 108.944
|
| $13,775,000 | 2029 | Serial | 3% | 98.682
|
| $13,935,000 | 2030 | Serial | 4% | 107.458
|
| $14,075,000 | 2031 | Serial | 4% | 106.481
|
| $14,175,000 | 2032 | Serial | 4.5% | 112.224
|
| $14.25 million | 2033 | Serial | 4% | 105.433
|
| $14.29 million | 2034 | Serial | 4% | 104.795
|
| $14,295,000 | 2035 | Serial | 4% | 104.24
|
| $14,265,000 | 2036 | Serial | 4% | 103.767
|
| $53.26 million | 2040 | Term | 3.75% | 100.379
|
| $65.22 million | 2041 | Term | 4% | 102.286
|
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