Published on 12/10/2014 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Massachusetts State College Building sells $101.44 million bonds
By Sheri Kasprzak
New York, Dec. 10 – The Massachusetts State College Building Authority priced $101.44 million series 2014 project revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold through senior managers Raymond James/Morgan Keegan, Ramirez & Co. Inc. and Wells Fargo Securities LLC.
The deal included $91,375,000 of series 2014B green bonds and $10,065,000 of series 2014C project revenue bonds.
The 2014B bonds are due 2016 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5% and yields range from 0.35% to 2.98%. The 2039 bonds have a 5% coupon priced at 115.523 to yield 3.08%, and the 2044 bonds have a 5% coupon priced at 114.559 to yield 3.19%.
The 2014C bonds are due 2016 to 2034 with coupons from 3% to 5% and yields from 0.35% to 2.98%.
Proceeds will be used to finance capital improvements to state colleges, as well as to refund the authority’s series 2005A and 2006A revenue bonds.
| Issuer: | Massachusetts State College Building Authority
|
| Issue: | Series 2014 project revenue bonds
|
| Amount: | $101.44 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan, Ramirez & Co. Inc. and Wells Fargo Securities LLC (lead), BofA Merrill Lynch, Barclays, Fidelity Capital Markets Inc., J.P. Morgan Securities LLC and Jefferies & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 17
|
|
|
| $91,375,000 series 2014B green bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $290,000 | 2016 | Serial | 3% | 103.624 | 0.35%
|
| $1,925,000 | 2017 | Serial | 3% | 105.595 | 0.62%
|
| $1,985,000 | 2018 | Serial | 4% | 110.167 | 0.93%
|
| $2.06 million | 2019 | Serial | 4% | 111.8 | 1.22%
|
| $2,145,000 | 2020 | Serial | 5% | 117.885 | 1.52%
|
| $2.25 million | 2021 | Serial | 5% | 119.514 | 1.75%
|
| $2,365,000 | 2022 | Serial | 5% | 120.618 | 1.98%
|
| $2.48 million | 2023 | Serial | 5% | 121.984 | 2.12%
|
| $2.61 million | 2024 | Serial | 5% | 123.118 | 2.25%
|
| $2,735,000 | 2025 | Serial | 5% | 121.702 | 2.40%
|
| $2,875,000 | 2026 | Serial | 5% | 120.77 | 2.50%
|
| $3,015,000 | 2027 | Serial | 5% | 120.122 | 2.57%
|
| $3,165,000 | 2028 | Serial | 5% | 119.386 | 2.65%
|
| $3,325,000 | 2029 | Serial | 5% | 118.838 | 2.71%
|
| $3,495,000 | 2030 | Serial | 5% | 118.202 | 2.78%
|
| $3,665,000 | 2031 | Serial | 5% | 117.751 | 2.83%
|
| $3.85 million | 2032 | Serial | 5% | 117.301 | 2.88%
|
| $4.04 million | 2033 | Serial | 5% | 116.854 | 2.93%
|
| $4,245,000 | 2034 | Serial | 5% | 116.408 | 2.98%
|
| $17.07 million | 2039 | Term | 5% | 115.523 | 3.08%
|
| $21,785,000 | 2044 | Term | 5% | 114.559 | 3.19%
|
|
|
| $10,065,000 series 2014C project revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $180,000 | 2016 | Serial | 3% | 103.624 | 0.35%
|
| $365,000 | 2017 | Serial | 3% | 105.595 | 0.62%
|
| $370,000 | 2018 | Serial | 4% | 110.167 | 0.93%
|
| $390,000 | 2019 | Serial | 4% | 111.8 | 1.22%
|
| $410,000 | 2020 | Serial | 5% | 117.885 | 1.52%
|
| $430,000 | 2021 | Serial | 5% | 119.514 | 1.75%
|
| $445,000 | 2022 | Serial | 5% | 120.618 | 1.98%
|
| $465,000 | 2023 | Serial | 5% | 121.984 | 2.12%
|
| $495,000 | 2024 | Serial | 5% | 123.118 | 2.25%
|
| $515,000 | 2025 | Serial | 5% | 121.702 | 2.40%
|
| $540,000 | 2026 | Serial | 5% | 120.77 | 2.50%
|
| $575,000 | 2027 | Serial | 5% | 120.122 | 2.57%
|
| $600,000 | 2028 | Serial | 5% | 119.386 | 2.65%
|
| $630,000 | 2029 | Serial | 5% | 118.838 | 2.71%
|
| $660,000 | 2030 | Serial | 5% | 118.202 | 2.78%
|
| $695,000 | 2031 | Serial | 5% | 117.751 | 2.83%
|
| $730,000 | 2032 | Serial | 5% | 117.301 | 2.88%
|
| $765,000 | 2033 | Serial | 5% | 116.854 | 2.93%
|
| $805,000 | 2034 | Serial | 5% | 116.408 | 2.98%
|
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