Published on 12/14/2011 in the Prospect News Municipals Daily.
New Issue: Massachusetts State College Building sells $154.35 million of project revenue bonds
By Sheri Kasprzak
New York, Dec. 14 - The Massachusetts State College Building Authority priced $154,345,000 of series 2012A project revenue bonds, according to a term sheet.
The bonds (Aa2/AA) were sold through Barclays Capital Inc. and J.P. Morgan Securities LLC. The co-managers were Bank of America Merrill Lynch, Fidelity Capital Markets LLC, Jefferies & Co., Morgan Keegan & Co. Inc., Ramirez & Co. Inc. and Wells Fargo Securities LLC.
The bonds are due 2013 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 3% to 5%. The 2036 bonds have a 5% coupon priced at 107.595. The 2041 bonds have a split maturity with a 4.25% coupon priced at 97.537 and a 5% coupon priced at 107.073.
Proceeds will be used to fund improvements at Bridgewater State University, Westfield State University, Fitchburg State University, Salem State University and the Massachusetts College of Art and Design.
| Issuer: | Massachusetts State College Building Authority
|
| Issue: | Series 2012A project revenue bonds
|
| Amount: | $154,345,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and J.P. Morgan Securities LLC (lead); Bank of America Merrill Lynch, Fidelity Capital Markets LLC, Jefferies & Co., Morgan Keegan & Co. Inc., Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Dec. 14
|
| Settlement date: | Jan. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $520,000 | 2013 | Serial | 3% | 103.324
|
| $1,305,000 | 2014 | Serial | 5% | 109.776
|
| $1,425,000 | 2015 | Serial | 5% | 112.942
|
| $1,485,000 | 2016 | Serial | 5% | 116.105
|
| $1,775,000 | 2017 | Serial | 5% | 118.747
|
| $1.87 million | 2018 | Serial | 5% | 120.64
|
| $2,255,000 | 2019 | Serial | 4% | 114.958
|
| $3,205,000 | 2020 | Serial | 4% | 114.687
|
| $3,345,000 | 2021 | Serial | 4% | 114.644
|
| $3,905,000 | 2022 | Serial | 5% | 122.622
|
| $4.26 million | 2023 | Serial | 5% | 120.3
|
| $4,565,000 | 2024 | Serial | 5% | 118.226
|
| $4,965,000 | 2025 | Serial | 5% | 116.385
|
| $5.6 million | 2026 | Serial | 5% | 115.43
|
| $6,365,000 | 2027 | Serial | 5% | 114.016
|
| $6,975,000 | 2028 | Serial | 5% | 112.991
|
| $7,905,000 | 2029 | Serial | 5% | 112.07
|
| $5.22 million | 2030 | Serial | 5% | 111.157
|
| $6.04 million | 2031 | Serial | 5% | 110.344
|
| $30,845,000 | 2036 | Term | 5% | 107.595
|
| $35,515,000 | 2041 | Term | 4.25% | 97.537
|
| $15 million | 2041 | Term | 5% | 107.073
|
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