Published on 12/10/2013 in the Prospect News Municipals Daily.
New Issue: Massachusetts State College Building sells $136.49 million revenue debt
By Sheri Kasprzak
New York, Dec. 10 - The Massachusetts State College Building Authority priced $136.49 million of series 2014A project revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold competitively with BofA Merrill Lynch wining the bid at a 4.15% true interest cost, said Karol Ostberg, chief financial officer for the authority.
The bonds are due 2015 to 2034 with term bonds due in 2038, 2043 and 2048. The serial coupons range from 2% to 5%, and yields range from 0.25% to 4.12%. The 2038 bonds have a 5% coupon priced at 105.242 to yield 4.31%. The 2043 bonds have a 5% coupon priced at 104.617 to yield 4.39%, and the 2048 bonds have a 4.5% coupon priced at 95.781 to yield 4.75%.
Proceeds will be used to finance improvements to academic and residence halls, as well as to make other improvements at various colleges and universities within the commonwealth.
| Issuer: | Massachusetts State College Building Authority
|
| Issue: | Series 2014A project revenue bonds
|
| Amount: | $136.49 million
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (lead)
|
| TIC: | 4.15%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Dec. 10
|
| Settlement date: | Jan. 7
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,475,000 | 2015 | Serial | 2% | 102.298 | 0.25%
|
| $2.71 million | 2016 | Serial | 3% | 105.869 | 0.45%
|
| $2.83 million | 2017 | Serial | 4% | 110.486 | 0.79%
|
| $3,795,000 | 2018 | Serial | 5% | 116.074 | 1.17%
|
| $3.98 million | 2019 | Serial | 5% | 117.428 | 1.57%
|
| $4.17 million | 2020 | Serial | 5% | 117.586 | 2.02%
|
| $4,385,000 | 2021 | Serial | 5% | 117.348 | 2.4%
|
| $4.61 million | 2022 | Serial | 5% | 117.107 | 2.69%
|
| $4,825,000 | 2023 | Serial | 5% | 117.033 | 2.9%
|
| $5.08 million | 2024 | Serial | 5% | 115.181 | 3.11%
|
| $5,325,000 | 2025 | Serial | 5% | 113.965 | 3.25%
|
| $5.6 million | 2026 | Serial | 5% | 112.935 | 3.37%
|
| $5,865,000 | 2027 | Serial | 5% | 111.917 | 3.49%
|
| $6.17 million | 2028 | Serial | 5% | 110.909 | 3.61%
|
| $6,465,000 | 2029 | Serial | 5% | 109.912 | 3.73%
|
| $6,805,000 | 2030 | Serial | 5% | 109.008 | 3.84%
|
| $7,135,000 | 2031 | Serial | 5% | 108.274 | 3.93%
|
| $7,495,000 | 2032 | Serial | 5% | 107.708 | 4%
|
| $7,865,000 | 2033 | Serial | 5% | 107.225 | 4.06%
|
| $1.88 million | 2034 | Serial | 5% | 106.745 | 4.12%
|
| $8,495,000 | 2038 | Term | 5% | 105.242 | 4.31%
|
| $13,095,000 | 2043 | Term | 5% | 104.617 | 4.39%
|
| $16,435,000 | 2048 | Term | 4.5% | 95.781 | 4.75%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
