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Published on 8/14/2012 in the Prospect News Municipals Daily.

New Issue: Massachusetts Development sells $59.82 million Merrimack College bonds

By Sheri Kasprzak

New York, Aug. 14 - The Massachusetts Development Finance Authority priced $59,815,000 of series 2012A revenue bonds for Merrimack College, according to a pricing sheet.

The bonds (Baa3/BBB-/) were sold through M&T Securities Inc.

The bonds are due 2017 to 2022 with term bonds due in 2027, 2032 and 2042.

The serial coupons range from 2.5% to 5%. The 2027 bonds have a 5% coupon priced at 109.547 to yield 3.83%, the 2032 bonds have a 5% coupon priced at 107.164 to yield 4.11% and the 2042 bonds have a 5.25% coupon priced at 106.996 to yield 4.37%.

Proceeds will be used to construct, equip and acquire college facilities, as well as to refund existing debt.

Issuer:Massachusetts Development Finance Authority/Merrimack College
Issue:Series 2012A revenue bonds
Amount:$59,815,000
Type:Negotiated
Underwriter:M&T Securities Inc.
Ratings:Moody's: Baa3
Standard & Poor's: BBB-
Pricing date:Aug. 7
Settlement date:Aug. 13
AmountMaturityTypeCouponPriceYield
$1,185,0002017Serial2.5%100.9172.3%
$1,235,0002018Serial2.5%99.5642.58%
$1,285,0002019Serial2.5%97.5182.9%
$1.34 million2020Serial5%113.1203.11%
$1.41 million2021Serial5%112.9933.3%
$1.48 million2022Serial5%113.4523.43%
$8.6 million2027Term5%109.5473.83%
$10.88 million2032Term5%107.1644.11%
$32.4 million2042Term5.25%106.9964.37%

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