Published on 2/25/2014 in the Prospect News Municipals Daily.
New Issue: Massachusetts Housing sells $65.52 million housing revenue debt
By Sheri Kasprzak
New York, Feb. 25 - The Massachusetts Housing Finance Agency sold $65.52 million of series 168-170 single family housing revenue bonds, according to a pricing sheet.
The deal includes $27,125,000 of series 168 non-AMT bonds, $19,375,000 of series 169 non-AMT bonds and $19.02 million of series 170 taxable bonds.
The series 168 bonds are due 2014 to 2024 with a term bond due in 2026. The serial coupons range from 0.20% to 3.35%, all priced at par. The 2026 bonds have a 3.75% coupon priced at par.
The series 169 bonds are due 2021 to 2022 with term bonds due in 2029 and 2033. The serial coupons range from 2.55% to 2.95%, all priced at par. The 2029 bonds have a 4% coupon and the 2033 bonds have a 4.4% coupon both, priced at par.
The series 170 bonds are due 2014 to 2023 with coupons from 0.4% to 4.05%, all priced at par.
The bonds (Aa2) were sold through Morgan Stanley & Co. LLC, BofA Merrill Lynch and Barclays.
Proceeds will be used to finance mortgage loans and refund existing single-family housing revenue bonds.
| Issuer: | Massachusetts Housing Finance Agency
|
| Issue: | Series 168-170 single family housing revenue bonds
|
| Amount: | $65.52 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC, BofA Merrill Lynch and Barclays (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, CastleOak Securities LP, Eastern Bank Capital Markets LLC, Fidelity Capital Markets LLC, George K. Baum & Co., Janney Montgomery Scott LLC, Piper Jaffray & Co., Ramirez & Co. Inc., Raymond James/Morgan Keegan, Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC and Williams Capital Group LP (co-managers)
|
| Rating: | Moody's: Aa2
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 18
|
|
|
| $27,125,000 series 168 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $270,000 | 2014 | Serial | 0.20% | 100
|
| $670,000 | 2015 | Serial | 0.25% | 100
|
| $895,000 | 2015 | Serial | 0.35% | 100
|
| $1.05 million | 2016 | Serial | 0.50% | 100
|
| $755,000 | 2016 | Serial | 0.60% | 100
|
| $595,000 | 2017 | Serial | 0.85% | 100
|
| $765,000 | 2017 | Serial | 0.95% | 100
|
| $720,000 | 2018 | Serial | 1.25% | 100
|
| $770,000 | 2018 | Serial | 1.35% | 100
|
| $450,000 | 2019 | Serial | 1.60% | 100
|
| $540,000 | 2019 | Serial | 1.70% | 100
|
| $375,000 | 2020 | Serial | 2.10% | 100
|
| $1,185,000 | 2020 | Serial | 2.20% | 100
|
| $530,000 | 2021 | Serial | 2.55% | 100
|
| $1.14 million | 2021 | Serial | 2.65% | 100
|
| $505,000 | 2022 | Serial | 2.95% | 100
|
| $485,000 | 2022 | Serial | 2.95% | 100
|
| $1,175,000 | 2023 | Serial | 3.20% | 100
|
| $1.66 million | 2023 | Serial | 3.20% | 100
|
| $2.37 million | 2024 | Serial | 3.35% | 100
|
| $2,205,000 | 2024 | Serial | 3.35% | 100
|
| $8,015,000 | 2026 | Term | 3.75% | 100
|
|
|
| $19,375,000 series 169 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $500,000 | 2021 | Serial | 2.55% | 100
|
| $225,000 | 2021 | Serial | 2.65% | 100
|
| $500,000 | 2022 | Serial | 2.95% | 100
|
| $500,000 | 2022 | Serial | 2.95% | 100
|
| $12 million | 2029 | Term | 4% | 100
|
| $5.65 million | 2033 | Term | 4.4% | 100
|
|
|
| $19.02 million series 170 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $795,000 | 2014 | Serial | 0.40% | 100
|
| $795,000 | 2015 | Serial | 0.60% | 100
|
| $1,225,000 | 2015 | Serial | 0.668% | 100
|
| $1,155,000 | 2016 | Serial | 0.868% | 100
|
| $375,000 | 2016 | Serial | 1.018% | 100
|
| $335,000 | 2017 | Serial | 1.412% | 100
|
| $795,000 | 2017 | Serial | 1.512% | 100
|
| $810,000 | 2018 | Serial | 2.208% | 100
|
| $810,000 | 2018 | Serial | 2.308% | 100
|
| $420,000 | 2019 | Serial | 2.508% | 100
|
| $2,095,000 | 2019 | Serial | 2.608% | 100
|
| $745,000 | 2020 | Serial | 3.092% | 100
|
| $465,000 | 2020 | Serial | 3.192% | 100
|
| $460,000 | 2021 | Serial | 3.342% | 100
|
| $460,000 | 2021 | Serial | 3.442% | 100
|
| $1,415,000 | 2022 | Serial | 3.70% | 100
|
| $3,975,000 | 2022 | Serial | 3.80% | 100
|
| $475,000 | 2023 | Serial | 3.95% | 100
|
| $1,415,000 | 2023 | Serial | 4.05% | 100
|
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