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
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$1,185,000 | 2017 | Serial | 2.5% | 100.917 | 2.3%
|
$1,235,000 | 2018 | Serial | 2.5% | 99.564 | 2.58%
|
$1,285,000 | 2019 | Serial | 2.5% | 97.518 | 2.9%
|
$1.34 million | 2020 | Serial | 5% | 113.120 | 3.11%
|
$1.41 million | 2021 | Serial | 5% | 112.993 | 3.3%
|
$1.48 million | 2022 | Serial | 5% | 113.452 | 3.43%
|
$8.6 million | 2027 | Term | 5% | 109.547 | 3.83%
|
$10.88 million | 2032 | Term | 5% | 107.164 | 4.11%
|
$32.4 million | 2042 | Term | 5.25% | 106.996 | 4.37%
|
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