By Sheri Kasprzak
New York, Jan. 22 - The Massachusetts Development Finance Agency sold $350 million of series 2014M revenue bonds for Partners Healthcare System, according to a pricing sheet.
The offering included $50 million of series 2014M-1, $50 million of series 2014M-2 and $250 million of series 2014M-4 bonds.
The 2014M-1 bonds are due July 1, 2048 and bear interest at the daily rate.
The 2014M-2 bonds are due July1, 2048 and bear interest at the weekly rate.
The 2014M-4 bonds are due 2018 to 2032 with term bonds due in 2039 and 2044. The coupons range from 3% to 5%. The 2039 bonds have a 4.5% coupon priced at 98.802 and a 5% coupon priced at 104.504. The 2044 bonds have a 5% coupon priced at 103.8.
The bonds (Aa2/AA/AA) were sold through J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, TD Securities Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc. and BNY Mellon Capital Markets LLC.
Proceeds will be used to construct a new building at Brigham Women's Hospital in Boston, to replace the Spaulding Rehabilitation Hospital in Charlestown, to acquire and install a new revenue management and clinical application system, to construct a new power plant for North Shore Medical Center in Salem and to make other improvements to the system's facilities.
| Issuer: | Massachusetts Development Finance Agency/Partners Healthcare System
|
| Issue: | Series 2014M revenue bonds
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead for 2014M-4); BofA Merrill Lynch, Barclays, TD Securities Inc. and Wells Fargo Securities LLC (co-managers for 2014M-4); U.S. Bancorp Investments Inc. (for 2014M-1 and 2014M-4); BNY Mellon Capital Markets LLC (for 2014M-2 and 2014M-4)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 30
|
|
|
| $50 million series 2014M-1 bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2048 | Term | Daily | 100
|
|
|
| $50 million series 2014M-2 bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2048 | Term | Weekly | 100
|
|
|
| $250 million series 2014M-4 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.5 million | 2018 | Serial | 3% | 107.769
|
| $2.5 million | 2019 | Serial | 4% | 112.687
|
| $2.5 million | 2020 | Serial | 5% | 118.053
|
| $2 million | 2021 | Serial | 3% | 104.054
|
| $3 million | 2021 | Serial | 5% | 117.572
|
| $2 million | 2022 | Serial | 4% | 109.257
|
| $3 million | 2022 | Serial | 5% | 116.724
|
| $2.5 million | 2023 | Serial | 3% | 100.161
|
| $5 million | 2023 | Serial | 5% | 116.481
|
| $2.5 million | 2024 | Serial | 3.2% | 99.471
|
| $5 million | 2024 | Serial | 5% | 114.448
|
| $2.5 million | 2025 | Serial | 3.375% | 99.015
|
| $5 million | 2025 | Serial | 5% | 112.973
|
| $2.5 million | 2026 | Serial | 3.625% | 99.749
|
| $5 million | 2026 | Serial | 5% | 111.945
|
| $7.5 million | 2027 | Serial | 5% | 110.928
|
| $5 million | 2028 | Serial | 5% | 109.673
|
| $5 million | 2029 | Serial | 4% | 99.769
|
| $5 million | 2030 | Serial | 5% | 108.107
|
| $2.5 million | 2031 | Serial | 5% | 107.374
|
| $2.5 million | 2032 | Serial | 5% | 106.648
|
| $5 million | 2039 | Term | 4.5% | 98.802
|
| $35 million | 2039 | Term | 5% | 104.504
|
| $135 million | 2044 | Term | 5% | 103.8
|
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