By Sheri Kasprzak
New York, Nov. 7 - The Massachusetts Bay Transportation Authority priced $354.42 million in series 2008A assessment bonds on Thursday, said an official statement.
The bonds (Aa1/AAA/) were sold on a negotiated basis with J.P. Morgan Securities Inc., Citigroup Global Markets and Barclays Capital as the senior managers. The co-managers were Goldman, Sachs & Co.; Ramirez & Co.; Banc of America Securities; Morgan Stanley; M.R. Beal & Co.; Raymond James & Associates; Siebert Brandford Shank & Co.; Southwest Securities; Piper Jaffray Co.; Merrill Lynch & Co.; and Fidelity Capital Market Services.
The bonds are due 2013 to 2028 with a term bond due 2034. The serials have coupons from 4% to 5% with yields from 3.42% to 5.16%. The 2034 bonds have a 5.25% coupon to yield 5.35%.
Proceeds will be used for the repayment of commercial paper notes, the funding of capital costs, a deposit to a debt service reserve fund and a deposit to a debt service reserve fund for capitalized interest.
| Issuer: | Massachusetts Bay Transportation Authority
|
| Issue: | Series 2008A assessment bonds
|
| Amount: | $354.42 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc.; Citigroup Global Markets; and Barclays Capital Markets (lead); Goldman, Sachs & Co.; Ramirez & Co.; Banc of America Securities; Morgan Stanley; M.R. Beal & Co.; Raymond James & Associates; Siebert Brandford Shank & Co.; Southwest Securities; Piper Jaffray Co.; Merrill Lynch & Co.; and Fidelity Capital Market Services
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 13
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 4% | 3.42%
|
| 2013 | Serial | 5% | 3.42%
|
| 2014 | Serial | 4% | 3.62%
|
| 2014 | Serial | 5% | 3.62%
|
| 2015 | Serial | 4% | 3.82%
|
| 2015 | Serial | 5% | 3.82%
|
| 2016 | Serial | 4% | 4.01%
|
| 2016 | Serial | 5% | 4.01%
|
| 2017 | Serial | 4.2% | 4.19%
|
| 2017 | Serial | 5% | 4.19%
|
| 2018 | Serial | 4.375% | 4.38%
|
| 2018 | Serial | 5% | 4.38%
|
| 2019 | Serial | 4.5% | 4.56%
|
| 2019 | Serial | 5% | 4.56%
|
| 2020 | Serial | 4.7% | 4.72%
|
| 2020 | Serial | 5% | 4.72%
|
| 2021 | Serial | 4.75% | 4.83%
|
| 2021 | Serial | 5% | 4.83%
|
| 2022 | Serial | 4.75% | 4.89%
|
| 2023 | Serial | 4.875% | 4.95%
|
| 2024 | Serial | 5% | 5.01%
|
| 2025 | Serial | 5% | 5.06%
|
| 2026 | Serial | 5% | 5.10%
|
| 2027 | Serial | 5% | 5.13%
|
| 2028 | Serial | 5% | 5.16%
|
| 2034 | Term | 5.25% | 5.35%
|
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