By Sheri Kasprzak
New York, Nov. 17 - The Massachusetts Development Finance Agency sold on Tuesday $117.4 million of series V revenue bonds (A2/A/) for Boston University, said a term sheet.
The sale was completed in three tranches. The agency sold $44 million of series V-1 bonds, $63.2 million of series V-2 bonds and $10.2 million of series V-3 bonds.
The V-1 bonds are due 2029 and have a 5% coupon, priced at par. The series V-2 bonds are due 2014 and have a 2.875% coupon, also priced at par. The series V-3 bonds are due 2014 and have a 2.875% coupon, priced at par.
J.P. Morgan Securities Inc. was the senior manager. The co-managers were Morgan Stanley & Co. Inc., Barclays Capital Inc. and Wells Fargo Securities Inc.
Proceeds will be used to refund existing debt issued by Boston University.
| Issuer: | Massachusetts Development Finance Agency/Boston University
|
| Issue: | Series V revenue bonds
|
| Amount: | $117.4 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead), Morgan Stanley & Co. Inc., Barclays Capital Inc. and Wells Fargo Securities Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 1
|
|
|
| Series V-1
|
| Maturity | Type | Coupon | Price
|
| 2029 | Term | 5% | Par
|
|
|
| Series V-2
|
| Maturity | Type | Coupon | Price
|
| 2014 | Term | 2.875% | Par
|
|
|
| Series V-3
|
| Maturity | Type | Coupon | Price
|
| 2014 | Term | 2.875% | Par
|
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