Published on 5/4/2016 in the Prospect News Municipals Daily.
New Issue: Massachusetts Development brings $220.52 million CareGroup bonds
By Sheri Kasprzak
New York, May 4 – The Massachusetts Development Finance Agency sold $220,515,000 of series 2016-I revenue bonds for CareGroup, said a pricing sheet.
The bonds (A3/A-) were sold through Citigroup Global Markets Inc.
The bonds are due 2017 to 2038 with 3% to 5% coupons and yields from 0.80% to 3.10%.
Proceeds will be used to refund all of the agency’s series B and E-1 and a portion of its series D bonds.
Issuer: | Massachusetts Development Finance Agency/CareGroup
|
Issue: | Series 2016-I revenue bonds
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Amount: | $220,515,000
|
Type: | Negotiated
|
Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch and Morgan Stanley & Co. LLC (co-managers)
|
Ratings: | Moody’s: A3
|
| S&P: A-
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Pricing date: | April 28
|
Settlement date: | May 12
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$2.98 million | 2017 | Serial | 5% | 104.739 | 0.80%
|
$5,825,000 | 2018 | Serial | 3% | 104.324 | 0.95%
|
$5.99 million | 2019 | Serial | 4% | 108.914 | 1.10%
|
$6.23 million | 2020 | Serial | 4% | 110.837 | 1.30%
|
$17.24 million | 2021 | Serial | 5% | 117.399 | 1.47%
|
$7,285,000 | 2022 | Serial | 5% | 119.278 | 1.68%
|
$7,645,000 | 2023 | Serial | 5% | 121.039 | 1.84%
|
$8.02 million | 2024 | Serial | 5% | 122.336 | 2.01%
|
$7.5 million | 2025 | Serial | 5% | 123.15 | 2.19%
|
$17,255,000 | 2026 | Serial | 5% | 124.284 | 2.30%
|
$18,125,000 | 2027 | Serial | 5% | 122.56 | 2.47%
|
$19,035,000 | 2028 | Serial | 5% | 121.261 | 2.60%
|
$7.88 million | 2029 | Serial | 5% | 120.371 | 2.69%
|
$8.28 million | 2030 | Serial | 5% | 119.684 | 2.76%
|
$8.69 million | 2031 | Serial | 5% | 119.099 | 2.82%
|
$9.13 million | 2032 | Serial | 3% | 98.111 | 3.15%
|
$9,405,000 | 2033 | Serial | 5% | 117.939 | 2.94%
|
$9,875,000 | 2034 | Serial | 5% | 117.652 | 2.97%
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$10,375,000 | 2035 | Serial | 3.25% | 98.592 | 3.35%
|
$10.71 million | 2036 | Serial | 5% | 116.983 | 3.04%
|
$11.24 million | 2037 | Serial | 5% | 116.603 | 3.08%
|
$11.8 million | 2038 | Serial | 5% | 116.414 | 3.10%
|
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