By Sheri Kasprzak
New York, Feb. 25 - Massachusetts State College Building Authority released the terms of its previously announced $95.67 million offering of series 2008A project revenue bonds, said Stephen Comey, controller for the authority, Monday.
The bonds (A1) priced in a serial structure from 2009 to 2028 with coupons from 3% to 5% and yields ranging from 2.35% to 4.67%. The offering also included term bonds due from 2029 to 2038, all with 5% coupons. The yields on the term bonds range from 4.83% to 4.87%.
Bear, Stearns & Co. was the lead manager for the negotiated deal. Co-managers were Lehman Brothers, Banc of America Securities LLC, Citigroup Global Markets, First Albany Securities LLC, Raymond James & Associates and Samuel A. Ramirez.
Proceeds will be used for the authority's project fund and for a debt service reserve fund.
| Issuer: | Massachusetts State Building Authority
|
| Issue: | Series 2008A project revenue bonds
|
| Amount: | $95.67 million
|
| Type: | Negotiated
|
| Underwriters: | Bear, Stearns & Co. (lead); Lehman Brothers; Banc of America Securities LLC; Citigroup Global Markets; First Albany Securities LLC; Raymond James & Associates; Samuel A. Ramirez
|
| Rating: | Moody's: A1
|
| Pricing date: | Feb. 20
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 3% | 2.35%
|
| 2010 | Serial | 3% | 2.44%
|
| 2011 | Serial | 3% | 2.57%
|
| 2012 | Serial | 3% | 2.80%
|
| 2013 | Serial | 3% | 2.97%
|
| 2014 | Serial | 3.25% | 3.13%
|
| 2015 | Serial | 3.5% | 3.29%
|
| 2016 | Serial | 3.5% | 3.45%
|
| 2017 | Serial | 5% | 3.61%
|
| 2018 | Serial | 5% | 3.78%
|
| 2019 | Serial | 5% | 3.94%
|
| 2020 | Serial | 5% | 4.08%
|
| 2021 | Serial | 5% | 4.18%
|
| 2022 | Serial | 5% | 4.28%
|
| 2023 | Serial | 5% | 4.37%
|
| 2024 | Serial | 5% | 4.45%
|
| 2025 | Serial | 5% | 4.53%
|
| 2026 | Serial | 5% | 4.58%
|
| 2027 | Serial | 5% | 4.62%
|
| 2028 | Serial | 5% | 4.67%
|
| 2029 | Term | 5% | 4.83%
|
| 2030 | Term | 5% | 4.83%
|
| 2031 | Term | 5% | 4.83%
|
| 2032 | Term | 5% | 4.83%
|
| 2033 | Term | 5% | 4.83%
|
| 2034 | Term | 5% | 4.87%
|
| 2035 | Term | 5% | 4.87%
|
| 2036 | Term | 5% | 4.87%
|
| 2037 | Term | 5% | 4.87%
|
| 2038 | Term | 5% | 4.87%
|
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