Published on 11/18/2015 in the Prospect News Municipals Daily.
New Issue: Massachusetts School Building Authority sells $738.4 million of bonds
By Sheri Kasprzak
New York, Nov. 18 – The Massachusetts School Building Authority priced $738,405,000 of series 2015C dedicated sales tax refunding bonds, according to a pricing sheet. The deal was upsized from $718 million.
The bonds (Aa2/AA+/AA+) were sold through BofA Merrill Lynch.
The bonds are due 2016 and 2018 to 2037 with 2% to 5% coupons and yields from 0.25% to 3.75%.
Proceeds will be used to refund existing debt.
| Issuer: | Massachusetts School Building Authority
|
| Issue: | Series 2015C dedicated sales tax refunding bonds
|
| Amount: | $738,405,000
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $60,705,000 | 2016 | Serial | 5% | 103.161 | 0.25%
|
| $8,775,000 | 2018 | Serial | 2% | 102.838 | 0.92%
|
| $9.15 million | 2019 | Serial | 5% | 113.898 | 1.12%
|
| $9,785,000 | 2020 | Serial | 5% | 116.501 | 1.34%
|
| $2,435,000 | 2021 | Serial | 3% | 107.666 | 1.58%
|
| $8,085,000 | 2021 | Serial | 5% | 118.465 | 1.58%
|
| $11,175,000 | 2022 | Serial | 5% | 120.015 | 1.80%
|
| $6 million | 2023 | Serial | 4% | 113.995 | 2.02%
|
| $6,145,000 | 2023 | Serial | 5% | 121.064 | 2.02%
|
| $28,005,000 | 2024 | Serial | 5% | 121.98 | 2.20%
|
| $29.44 million | 2025 | Serial | 5% | 123.182 | 2.31%
|
| $30.95 million | 2026 | Serial | 5% | 121.923 | 2.44%
|
| $32,535,000 | 2027 | Serial | 5% | 120.869 | 2.55%
|
| $26.81 million | 2028 | Serial | 3.05% | 100.33 | 3.01%
|
| $10.09 million | 2029 | Serial | 3.125% | 100 | 3.125%
|
| $17,655,000 | 2029 | Serial | 5% | 119.168 | 2.73%
|
| $13,215,000 | 2030 | Serial | 3.375% | 100.613 | 3.30%
|
| $15,695,000 | 2030 | Serial | 5% | 118.422 | 2.81%
|
| $75,245,000 | 2031 | Serial | 5% | 117.773 | 2.88%
|
| $78.62 million | 2032 | Serial | 4% | 105.919 | 3.28%
|
| $18,105,000 | 2033 | Serial | 5% | 116.853 | 2.98%
|
| $18,965,000 | 2034 | Serial | 5% | 116.397 | 3.03%
|
| $19,855,000 | 2035 | Serial | 5% | 115.942 | 3.08%
|
| $40 million | 2036 | Serial | 4% | 104.233 | 3.48%
|
| $23,925,000 | 2036 | Serial | 5% | 115.49 | 3.13%
|
| $2.57 million | 2037 | Serial | 3.75% | 100 | 3.75%
|
| $134.47 million | 2037 | Serial | 5% | 115.039 | 3.18%
|
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