By Sheri Kasprzak
New York, June 15 - The Massachusetts Municipal Wholesale Electric Co. sold $96.685 million of series 2011 power supply project revenue bonds, said an official statement.
The offering included $3.965 million of Nuclear Mix No. 1 Issue bonds (A3/A+/A+), $31.895 million of Nuclear Mix No. 3 Issue bonds (A3/A+/A+), $22.065 million of Nuclear Mix No. 4 Issue bonds (A3/A+/A+), $2.58 million of Nuclear Mix No. 5 Issue bonds (A3/A/A+) and $36.18 million of Nuclear Mix No. 6 Issue bonds (A3/A-/A+).
The bonds were sold through senior manager Morgan Stanley & Co. Inc. with BMO Capital Markets and Bank of America Merrill Lynch.
The Nuclear Mix No. 1 bonds are due 2013 to 2014 with 4% coupons and yields from 1.22% to 1.61%.
The Nuclear Mix No. 3 bonds are due 2013 to 2018 with coupons from 4% to 5% and yields from 1.22% to 2.9%.
The Nuclear Mix No. 4 bonds are due 2015 to 2017 with 4% to 5% coupons and 1.9% to 2.55% yields.
The Nuclear Mix No. 5 bonds are due 2015 to 2017 with coupons from 3% to 5% and yields from 1.9% to 2.55%.
The Nuclear Mix No. 6 bonds are due 2016 to 2017 and 2019. The serial bonds have a 5% coupons and yields from 2.38% to 2.75%. The 2019 bonds have a 5% coupon to yield 3.4%.
Proceeds will be used to purchase back some of the company's existing variable-rate debt.
| Issuer: | Massachusetts Municipal Wholesale Electric Co.
|
| Issue: | Series 2011 power supply project revenue bonds
|
| Amount: | $96.685 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), BMO Capital Markets and Bank of America Merrill Lynch (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+ (for Mix No. 1, Mix No. 3 and Mix No. 4), A (for Mix No. 5), A-
|
| (for Mix No. 6)
|
| Fitch: A+
|
| Pricing date: | June 9
|
| Settlement date: | June 16
|
|
|
| $3.965 million Nuclear Mix No. 1
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1.75 million | 2013 | Serial | 4% | 1.22%
|
| $2.215 million | 2014 | Serial | 4% | 1.61%
|
|
|
| $31.895 million Nuclear Mix No. 3
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5.91 million | 2013 | Serial | 5% | 1.22%
|
| $7.225 million | 2014 | Serial | 5% | 1.61%
|
| $7.375 million | 2015 | Serial | 5% | 1.90%
|
| $8.27 million | 2016 | Serial | 5% | 2.18%
|
| $1.62 million | 2017 | Serial | 4% | 2.55%
|
| $1.495 million | 2018 | Serial | 5% | 2.90%
|
|
|
| $22.065 million Nuclear Mix No. 4
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5.065 million | 2015 | Serial | 5% | 1.90%
|
| $10.22 million | 2016 | Serial | 5% | 2.18%
|
| $6.78 million | 2017 | Serial | 4% | 2.55%
|
|
|
| $2.58 million Nuclear Mix No. 5
|
| Amount | Maturity | Type | Coupon | Yield
|
| $95,000 | 2015 | Serial | 3% | 1.90%
|
| $1.465 million | 2016 | Serial | 4% | 2.18%
|
| $1.02 million | 2017 | Serial | 5% | 2.55%
|
|
|
| $36.18 million Nuclear Mix No. 6
|
| Amount | Maturity | Type | Coupon | Yield
|
| $7.3 million | 2016 | Serial | 5% | 2.38%
|
| $23.62 million | 2017 | Serial | 5% | 2.75%
|
| $5.26 million | 2019 | Term | 5% | 3.40%
|
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