By Sheri Kasprzak
New York, April 28 - The Massachusetts Development Finance Agency priced $343.485 million of series 2011 revenue bonds for the Broad Institute, according to a pricing sheet.
The sale included $259.93 million of series 2011A bonds and $83.555 million of series 2011B taxable bonds.
The 2011A bonds are due 2021 to 2028 with term bonds due in 2031, 2037 and 2041. The serial coupons range from 3.7% to 5.25%. The 2031 bonds have a 5% coupon priced at 99.62, and the 2037 bonds have a 5.25% coupon priced at 98.326. The 2041 bonds have a 5.375% coupon priced at 98.893.
The 2011B bonds are due 2012 to 2020 with coupons from 1.15% to 4.868%, all priced at par.
The bonds (A1/AA-/) were sold through Morgan Stanley & Co. Inc. with Citigroup Global Markets Inc., Jefferies & Co. Inc., Fidelity Capital Markets LLC and J.P. Morgan Securities LLC as the co-managers.
Proceeds will be used to construct, equip and acquire a 12-story laboratory adjacent to and above a garage currently owned by a third party in Cambridge, Mass.
| Issuer: | Massachusetts Development Finance Agency/Broad Institute
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $343.485 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Citigroup Global Markets Inc., Jefferies & Co. Inc., Fidelity Capital Markets LLC and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Pricing date: | April 28
|
| Settlement date: | May 5
|
|
|
| $259.93 million series 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $445,000 | 2021 | Serial | 3.7% | 99.832
|
| $11.935 million | 2021 | Serial | 5% | 110.521
|
| $12.38 million | 2022 | Serial | 5% | 109.134
|
| $12.38 million | 2023 | Serial | 5.25% | 109.707
|
| $12.38 million | 2024 | Serial | 5.25% | 108.348
|
| $12.38 million | 2025 | Serial | 5.25% | 107.093
|
| $12.38 million | 2026 | Serial | 5.25% | 106.183
|
| $12.38 million | 2027 | Serial | 5.25% | 105.283
|
| $12.38 million | 2028 | Serial | 5.25% | 104.472
|
| $37.14 million | 2031 | Term | 5% | 99.62
|
| $74.25 million | 2037 | Term | 5.25% | 98.326
|
| $49.5 million | 2041 | Term | 5.375% | 98.893
|
|
|
| $83.555 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.14 million | 2012 | Serial | 1.15% | 100
|
| $2.14 million | 2013 | Serial | 1.884% | 100
|
| $2.14 million | 2014 | Serial | 2.444% | 100
|
| $14.635 million | 2015 | Serial | 3.042% | 100
|
| $12.5 million | 2016 | Serial | 3.492% | 100
|
| $12.5 million | 2017 | Serial | 3.988% | 100
|
| $12.5 million | 2018 | Serial | 4.318% | 100
|
| $12.5 million | 2019 | Serial | 4.618% | 100
|
| $12.5 million | 2020 | Serial | 4.868% | 100
|
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