Published on 6/12/2013 in the Prospect News Municipals Daily.
New Issue: Massachusetts School Building brings upsized $549 million of sales tax bonds
By Sheri Kasprzak
New York, June 12 - The Massachusetts School Building Authority priced $549 million of series 2013A senior dedication sales tax bonds, according to a pricing sheet. The offering was upsized from $500 million.
The bonds (Aa2/AA+/AA+) were sold through BofA Merrill Lynch and Ramirez & Co. Inc.
The bonds are due 2016 and 2019 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 3% to 5%. The 2038 bonds have a 4% coupon priced at 97.682 and a 5% coupon priced at 108.253. The 2043 bonds have a 5% coupon priced at 107.492.
Proceeds will be used to fund grants to cities, towns and local school districts for school construction and other renovation projects.
| Issuer: | Massachusetts School Building Authority
|
| Issue: | Series 2013A dedicated sales tax bonds
|
| Amount: | $549 million
|
| Type: | Negotiated
|
| Underwriters | BofA Merrill Lynch and Ramirez & Co. Inc. (lead), Barclays, Citigroup Global Markets Inc., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan, RBC Capital Markets LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BMO Capital Markets LLC, BNY Mellon Capital Markets, CastleOak Securities LP, Corby Capital Markets Inc., Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Lebenthal & Co. LLC, Mesirow Financial Inc., Piper Jaffray & Co. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | June 12
|
| Settlement date: | July 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.53 million | 2016 | Serial | 4% | 109.447
|
| $835,000 | 2019 | Serial | 4% | 112.914
|
| $19,145,000 | 2019 | Serial | 5% | 118.48
|
| $4,595,000 | 2020 | Serial | 5% | 119.305
|
| $6,755,000 | 2021 | Serial | 5% | 119.331
|
| $905,000 | 2023 | Serial | 3% | 102.932
|
| $19,235,000 | 2023 | Serial | 5% | 120.191
|
| $445,000 | 2024 | Serial | 3% | 101.452
|
| $21,555,000 | 2024 | Serial | 5% | 118.568
|
| $4.05 million | 2031 | Serial | 4% | 100
|
| $14.93 million | 2032 | Serial | 5% | 110.924
|
| $16,555,000 | 2033 | Serial | 5% | 110.448
|
| $2.52 million | 2038 | Term | 4% | 97.682
|
| $111,945,000 | 2038 | Term | 5% | 108.253
|
| $324 million | 2043 | Term | 5% | 107.492
|
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