Published on 6/20/2012 in the Prospect News Municipals Daily.
New Issue: Massachusetts School Building prices $766.14 million of dedicated sales tax bonds
By Sheri Kasprzak
New York, June 20 - The Massachusetts School Building Authority brought to market $766.14 million of series 2012A dedicated sales tax refunding bonds, according to a pricing sheet.
The bonds (Aa1/AA+/AA+) were sold through senior managers Citigroup Global Markets Inc., Jefferies & Co. and J.P. Morgan Securities LLC.
The co-managers were Barclays Capital Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Corby Capital Markets Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC, M.R. Beal & Co. Inc., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Stern Brothers & Co., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC.
The bonds are due 2021 to 2027 with a term bond due in 2030. The serial coupons range from 3% to 5%. The 2030 bonds have a 5% coupon priced at 116.6.
Proceeds will be used to refund the authority's series 2005A dedicated sales tax bonds.
| Issuer: | Massachusetts School Building Authority
|
| Issue: | Series 2012A dedicated sales tax refunding bonds
|
| Amount: | $766.14 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc., Jefferies & Co. and J.P. Morgan Securities LLC (lead), Barclays Capital Inc., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Corby Capital Markets Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC, M.R. Beal & Co. Inc., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Stern Brothers & Co., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | June 20
|
| Settlement date: | Aug. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.7 million | 2021 | Serial | 3% | 107.173
|
| $7.07 million | 2021 | Serial | 4% | 115.325
|
| $84,675,000 | 2021 | Serial | 5% | 123.477
|
| $1,425,000 | 2022 | Serial | 3% | 106.588
|
| $12,825,000 | 2022 | Serial | 4% | 115.492
|
| $90,095,000 | 2022 | Serial | 5% | 124.395
|
| $109,615,000 | 2023 | Serial | 5% | 122.688
|
| $107.68 million | 2024 | Serial | 5% | 121.107
|
| $111.41 million | 2025 | Serial | 5% | 119.937
|
| $128,105,000 | 2026 | Serial | 5% | 119.068
|
| $5.18 million | 2027 | Serial | 4% | 107.864
|
| $15,335,000 | 2027 | Serial | 5% | 118.302
|
| $85,025,000 | 2030 | Term | 5% | 116.6
|
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