By Sheri Kasprzak
New York, Dec. 11 - The Massachusetts State College Building Authority priced Tuesday $148.495 million of series 2009 project revenue bonds, said an official statement.
The bonds (Aa3/AA-/) were sold through senior managers Jefferies & Co. and Barclays Capital Inc. The co-managers were Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Merrill Lynch & Co., Ramirez & Co. Inc. and Raymond James & Associates Inc.
The sale included $82.085 million of series 2009B tax-exempt bonds and $66.41 million of series 2009C Build America Bonds.
The 2009B bonds are due 2011 to 2030, with term bonds due 2035 and 2040. The coupons on the serial bonds range from 2% to 5% and the yields range from 0.8% to 4.24% The 2035 bonds have a 5% coupon to yield 4.51% and the 2040 bonds have a 5% coupon to yield 4.59%.
The 2009C bonds are due 2018 to 2019, with term bonds due 2025, 2030 and 2040. The serial coupons range from 4.584% to 4.684% and priced at par. The 2025 bonds have a 5.284% coupon, the 2030 bonds have a 5.832% coupon and the 2040 bonds have a 5.932% coupon, all priced at par.
Proceeds will be used to improve and upgrade facilities at universities throughout the state.
| Issuer: | Massachusetts State College Building Authority
|
| Issue: | Series 2009 project revenue bonds
|
| Amount: | $148.495 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and Barclays Capital Inc. (lead), Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Merrill Lynch & Co., Ramirez & Co. Inc. and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 22
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2% | 0.80%
|
| 2012 | Serial | 2% | 1.10%
|
| 2013 | Serial | 3% | 1.40%
|
| 2014 | Serial | 4% | 1.75%
|
| 2015 | Serial | 4% | 2.15%
|
| 2016 | Serial | 3% | 2.52%
|
| 2017 | Serial | 3% | 2.85%
|
| 2018 | Serial | 4% | 3.125%
|
| 2019 | Serial | 4% | 3.35%
|
| 2020 | Serial | 3.5% | 3.53%
|
| 2021 | Serial | 3.625% | 3.67%
|
| 2022 | Serial | 5% | 3.74%
|
| 2023 | Serial | 3.75% | 3.81%
|
| 2024 | Serial | 3.875% | 3.88%
|
| 2024 | Serial | 5% | 3.88%
|
| 2025 | Serial | 3.875% | 3.94%
|
| 2025 | Serial | 5% | 3.94%
|
| 2026 | Serial | 5% | 4.01%
|
| 2027 | Serial | 5% | 4.07%
|
| 2028 | Serial | 5% | 4.12%
|
| 2029 | Serial | 5% | 4.17%
|
| 2030 | Serial | 5% | 4.24%
|
| 2035 | Term | 5% | 4.51%
|
| 2040 | Term | 5% | 4.59%
|
|
|
| Series 2009C
|
| Maturity | Type | Coupon | Yield
|
| 2018 | Serial | 4.584% | 4.584%
|
| 2019 | Serial | 4.684% | 4.684%
|
| 2025 | Term | 5.284% | 5.284%
|
| 2030 | Term | 5.832% | 5.832%
|
| 2040 | Term | 5.932% | 5.932%
|
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