By Sheri Kasprzak
New York, Sept. 7 - The Massachusetts Development Finance Agency priced $90 million of series 2011 revenue bonds for Berklee College of Music, said a term sheet.
The bonds (A2/A/) were sold through senior manager Citigroup Global Markets Inc. with Bank of America Merrill Lynch and J.P. Morgan Securities LLC as the co-managers.
The bonds are due 2012 to 2031 with a term bond due in 2041. The serial coupons range from 2% to 5%. The 2041 bonds have a split maturity with a 4.5% coupon priced at 97.584 and a 5.25% coupon priced at 105.172.
Proceeds will be used to acquire a parcel of land on Massachusetts Avenue in Boston, as well as to construct, design, equip and furnish a 16-story building to house student dormitories, a performance hall, a dining hall, a recording studio and other music technology space. The proceeds will also go towards demolishing two existing buildings to make space for the student dormitory.
| Issuer: | Massachusetts Development Finance Agency/Berklee College of Music
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $90 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Bank of America Merrill Lynch and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | Sept. 7
|
| Settlement date: | Sept. 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.405 million | 2012 | Serial | 2% | 101.531
|
| $1.445 million | 2013 | Serial | 4% | 106.414
|
| $1.505 million | 2014 | Serial | 4% | 109.073
|
| $1.565 million | 2015 | Serial | 4% | 111.011
|
| $1.63 million | 2016 | Serial | 4% | 111.697
|
| $1.705 million | 2017 | Serial | 5% | 117.382
|
| $1.795 million | 2018 | Serial | 5% | 117.35
|
| $1.885 million | 2019 | Serial | 5% | 117.36
|
| $1.98 million | 2020 | Serial | 5% | 117.262
|
| $2.085 million | 2021 | Serial | 5% | 117.204
|
| $2.19 million | 2022 | Serial | 5% | 114.501
|
| $2.305 million | 2023 | Serial | 5% | 112.23
|
| $2.42 million | 2024 | Serial | 5% | 110.188
|
| $2.545 million | 2025 | Serial | 5% | 108.967
|
| $2.675 million | 2026 | Serial | 5% | 107.933
|
| $2.815 million | 2027 | Serial | 5% | 107.336
|
| $2.96 million | 2028 | Serial | 5% | 106.742
|
| $3.11 million | 2029 | Serial | 5% | 106.069
|
| $3.255 million | 2030 | Serial | 4.25% | 98.079
|
| $3.41 million | 2031 | Serial | 5% | 104.82
|
| $15 million | 2041 | Term | 4.5% | 97.584
|
| $30.315 million | 2041 | Term | 5.25% | 105.172
|
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