Published on 6/8/2012 in the Prospect News Municipals Daily.
New Issue: Massachusetts Bay Transportation sells $410.65 million assessment bonds
By Sheri Kasprzak
New York, June 8 - The Massachusetts Bay Transportation Authority brought to market $410,645,00 of series 2012A assessment bonds, said a pricing sheet.
The bonds (Aa1/AAA/) were sold through Ramirez & Co. Inc. and Barclays Capital Inc. The co-managers were Corby Capital Inc., Loop Capital Markets LLC and Siebert Brandford Shank & Co. LLC.
The bonds are due 2013 and 2015 to 2024 with term bonds due in 2037 and 2041. The serial coupons range from 1.5% to 5%. The 2037 bonds have a 4% coupon priced at par. The 2041 bonds have a split maturity with a 4.05% coupon priced at par and a 5% coupon priced at 112.592.
Proceeds will be used to refund existing debt.
| Issuer: | Massachusetts Bay Transportation Authority
|
| Issue: | Series 2012A assessment bonds
|
| Amount: | $410,645,000
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. and Barclays Capital Inc. (lead), Corby Capital Inc., Loop Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | June 7
|
| Settlement date: | June 21
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.48 million | 2013 | Serial | 1.5% | NRO
|
| $2.36 million | 2015 | Serial | 3% | 107.127
|
| $1,985,000 | 2016 | Serial | 4% | 112.785
|
| $11,695,000 | 2017 | Serial | 4% | 114.674
|
| $13.19 million | 2018 | Serial | 4% | 115.604
|
| $7.5 million | 2018 | Serial | 5% | 121.384
|
| $2,505,000 | 2019 | Serial | 4% | 116.036
|
| $29,335,000 | 2019 | Serial | 5% | 122.663
|
| $480,000 | 2020 | Serial | 4% | 115.727
|
| $44.31 million | 2020 | Serial | 5% | 123.146
|
| $2.54 million | 2021 | Serial | 4% | 115.55
|
| $38.85 million | 2021 | Serial | 5% | 123.734
|
| $800,000 | 2022 | Serial | 4% | 115.63
|
| $20,085,000 | 2022 | Serial | 5% | 124.563
|
| $18.06 million | 2023 | Serial | 5% | 123.049
|
| $3.47 million | 2024 | Serial | 5% | 121.557
|
| $63.99 million | 2037 | Term | 4% | 100
|
| $70 million | 2041 | Term | 4.05% | 100
|
| $76.01 million | 2041 | Term | 5% | 112.592
|
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