Published on 5/5/2015 in the Prospect News Municipals Daily.
New Issue: Massachusetts Development sells $132.74 million Emerson College bonds
By Sheri Kasprzak
New York, May 5 – The Massachusetts Development Finance Agency sold $132.74 million of series 2015 revenue bonds for Emerson College, according to a pricing sheet.
The bonds (Baa1/BBB+/) were sold through Barclays and J.P. Morgan Securities LLC.
The bonds are due 2019 to 2031 with term bonds due in 2035, 2041 and 2045. The serial bonds have 5% coupons. The 2035 bonds have a 5% coupon priced at 106.115 and the 2041 bonds have a 5% coupon priced at 105.467. The 2045 bonds have a 4.5% coupon priced at 98.005 and a 5% coupon priced at 105.145.
Proceeds will be used to finance the demolition of existing structures at 1 to 3 Boylston Place on the college’s main campus in Boston, as well as to refund existing debt.
| Issuer: | Massachusetts Development Finance Agency/Emerson College
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $132.74 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and J.P. Morgan Securities LLC
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Pricing date: | May 5
|
| Settlement date: | May 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.73 million | 2019 | Serial | 5% | 110.712
|
| $3,915,000 | 2020 | Serial | 5% | 112.354
|
| $4,115,000 | 2021 | Serial | 5% | 113.502
|
| $3.82 million | 2022 | Serial | 5% | 114.135
|
| $4.51 million | 2023 | Serial | 5% | 114.132
|
| $4.72 million | 2024 | Serial | 5% | 113.72
|
| $4,955,000 | 2025 | Serial | 5% | 113.659
|
| $5,205,000 | 2026 | Serial | 5% | 112.169
|
| $5.47 million | 2027 | Serial | 5% | 110.618
|
| $5.74 million | 2028 | Serial | 5% | 109.598
|
| $6,025,000 | 2029 | Serial | 5% | 108.672
|
| $6,325,000 | 2030 | Serial | 5% | 108.089
|
| $3.44 million | 2031 | Serial | 5% | 107.591
|
| $15.56 million | 2035 | Term | 5% | 106.115
|
| $29,855,000 | 2041 | Term | 5% | 105.467
|
| $9,855,000 | 2045 | Term | 4.5% | 98.005
|
| $15.5 million | 2045 | Term | 5% | 105.145
|
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