By Sheri Kasprzak
New York, Feb. 3 - The Massachusetts Educational Financing Authority priced $407 million in series 2010 education loan revenue bonds on Wednesday, according to a pricing sheet.
The bonds (/AA/A) were sold on a negotiated basis with Morgan Stanley & Co. Inc. as the senior manager. The co-managers were Bank of America Merrill Lynch, Fidelity Capital Markets Inc. and J.P. Morgan Securities Inc.
The deal included series 2010A bonds and series 2010B bonds.
The 2010A bonds are due 2012 to 2030 with 2% to 5.3% coupons, all priced at par. The 2010B bonds are due 2012 to 2020 with term bonds due 2023 and 2031. The serials have coupons from 2.55% to 5.375%, all priced at par. The 2023 bonds have a 5.5% coupon, priced at par, and the 2031 bonds have a 5.7% coupon, also priced at par.
Proceeds will be used to fund educational loans.
| Issuer: | Massachusetts Educational Financing Authority
|
| Issue: | Series 2010 education loan revenue bonds
|
| Amount: | $407 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead); Bank of America Merrill Lynch; Fidelity Capital Markets Inc.; and J.P. Morgan Securities Inc. (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: A
|
| Pricing date: | Feb. 3
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 100
|
| 2013 | Serial | 2.25% | 100
|
| 2014 | Serial | 2.75% | 100
|
| 2015 | Serial | 3.15% | 100
|
| 2016 | Serial | 4% | 100
|
| 2017 | Serial | 5.5% | 100
|
| 2018 | Serial | 4.25% | 100
|
| 2019 | Serial | 4.5% | 100
|
| 2020 | Serial | 4.625% | 100
|
| 2021 | Serial | 4.7% | 100
|
| 2022 | Serial | 5.5% | 100
|
| 2025 | Serial | 5.1% | 100
|
| 2026 | Serial | 5.15% | 100
|
| 2027 | Serial | 5.2% | 100
|
| 2028 | Serial | 5.25% | 100
|
| 2029 | Serial | 5.25% | 100
|
| 2030 | Serial | 5.3% | 100
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2.55% | 100
|
| 2013 | Serial | 3% | 100
|
| 2014 | Serial | 3.5% | 100
|
| 2015 | Serial | 4% | 100
|
| 2016 | Serial | 4.5% | 100
|
| 2017 | Serial | 4.8% | 100
|
| 2018 | Serial | 5.1% | 100
|
| 2019 | Serial | 5.25% | 100
|
| 2020 | Serial | 5.375% | 100
|
| 2023 | Term | 5.5% | 100
|
| 2031 | Term | 5.7% | 100
|
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