Massachusetts Port Authority prepares to sell $322.42 million revenue and refunding bonds

By Sheri Kasprzak

New York, July 20 - The Massachusetts Port Authority is set to price $322.415 million in revenue and refunding bonds, according to a preliminary official statement. Pricing is expected on July 27.

The offering comprises $97.09 million in series 2010A non-AMT revenue bonds (Aa3), $139.97 million in series 2010B non-AMT revenue refunding bonds (Aa3), $25.03 million in series 2010C AMT revenue refunding bonds (Aa3) and $60.325 million in series 2010E PFC revenue refunding bonds (A2).

Siebert Brandford Shank & Co. LLC and J.P. Morgan Securities Inc. are the senior managers. The co-managers are Bank of America Merrill Lynch, Fidelity Capital Markets Inc. and Morgan Stanley & Co. Inc.

Proceeds will be used to finance projects, including a bus maintenance facility, improvements to terminals, a new parking deck and upgrades to the Black Falcon Cruise Terminal. The remainder will be used to refund the authority's series 1998A, 1998D and 2008B bonds.

Based in East Boston, the authority operates the airports and seaports in eastern and central Massachusetts.

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