By Sheri Kasprzak
New York, July 7 – The Commonwealth of Massachusetts sold $450 million of series 2014C multimodal consolidated loan general obligation bonds, according to a pricing sheet. The offering was downsized from $500 million.
The bonds (Aa1/AA+/AA+) were sold competitively with Jefferies & Co. as the winning bidder.
The bonds are due 2022 to 2031 with 3% to 5% coupons and yields from 2.05% to 3.27%.
Proceeds will be used to finance authorized capital projects.
| Issuer: | Commonwealth of Massachusetts
|
| Issue: | Series 2014C multimodal consolidated loan general obligation bonds
|
| Amount: | $450 million
|
| Type: | Competitive
|
| Underwriter: | Jefferies & Co. (winner)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | July 1
|
| Settlement date: | July 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $25 million | 2022 | Serial | 5% | 121.601 | 2.05%
|
| $25 million | 2023 | Serial | 5% | 120.134 | 2.23%
|
| $40 million | 2024 | Serial | 5% | 119.329 | 2.33%
|
| $65 million | 2025 | Serial | 5% | 118.37 | 2.45%
|
| $40 million | 2026 | Serial | 5% | 117.973 | 2.50%
|
| $50 million | 2027 | Serial | 5% | 117.42 | 2.57%
|
| $40 million | 2028 | Serial | 3% | 98.5 | 3.133%
|
| $40 million | 2029 | Serial | 4% | 106.097 | 3.13%
|
| $50 million | 2030 | Serial | 4% | 105.591 | 3.20%
|
| $75 million | 2031 | Serial | 4% | 105.087 | 3.27%
|
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