Published on 9/22/2014 in the Prospect News Municipals Daily.
New Issue: Massachusetts brings to market $429.45 million of G.O. refunding bonds
By Sheri Kasprzak
New York, Sept. 22 – The Commonwealth of Massachusetts priced $429,445,000 of series 2014C general obligation refunding bonds, according to a pricing sheet. The deal was upsized from $329.6 million.
The bonds (/AA+/AA+) were sold through Morgan Stanley & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2015 to 2016, 2019 to 2022 and 2024 to 2025. The serial coupons range from 1.25% to 5% with 0.12% to 2.53% yields.
Proceeds will be used to refund the commonwealth’s series 2007C, 2008A and 2009A G.O. bonds.
| Issuer: | Commonwealth of Massachusetts
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| Issue: | Series 2014C general obligation refunding bonds
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| Amount: | $429,445,000
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| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC, BofA Merrill Lycnh, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Baird & Co., Barclays, Cabrera Capital Markets LLC, CastleOak Securities LP, Eastern Bank, Estrada Hinojosa & Co. Inc., Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Jefferies & Co., Loop Capital Markets LLC, Mesirow Financial Inc., Oppenheimer & Co., Piper Jaffray & Co., Prager & Co. Inc., Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co., TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Williams Capital Group LP (co-managers)
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| Ratings: | Standard & Poor’s: AA+
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| Fitch: AA+
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 24
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $52.93 million | 2015 | Serial | 1.25% | 100.962 | 0.12%
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| $24,545,000 | 2016 | Serial | 3% | 104.889 | 0.35%
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| $27.63 million | 2019 | Serial | 5% | 117.756 | 1.22%
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| $72.43 million | 2020 | Serial | 5% | 119.23 | 1.55%
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| $42.5 million | 2021 | Serial | 5% | 120.326 | 1.83%
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| $44,685,000 | 2022 | Serial | 5% | 120.971 | 2.09%
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| $108.15 million 2024 | Serial | 5% | 122.493 | 2.42%
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| $56,575,000 | 2025 | Serial | 5% | 123.309 | 2.53%
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