Massachusetts Development to price $80 million bonds for Draper

By Cristal Cody

Tupelo, Miss., Sept. 15 - The Massachusetts Development Finance Agency plans to price $80 million revenue bonds for the Charles Stark Draper Laboratory research and development institute, according to a preliminary official statement released Monday.

The series 2008 bonds (Aa3) will be sold in a negotiated sale through senior manager Banc of America Securities LLC and co-manager J.P. Morgan Securities Inc.

Proceeds will be used to refund $72.8 million outstanding from the series 2000 variable-rate revenue bonds and to finance a project in Cambridge for additional laboratory and computer facilities and equipment.

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