Published on 5/31/2012 in the Prospect News Municipals Daily.
New Issue: Massachusetts Water Abatement prices $364.26 million of revolving fund bonds
By Sheri Kasprzak
New York, May 31 - The Massachusetts Water Abatement Trust sold $364,255,000 of series 2012 state revolving fund bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through Jefferies & Co. with Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Cabrera Capital Markets LLC, CastleOak Securities LP, Corby Capital Markets Inc., Fidelity Capital Markets LLC, Jackson Securities Inc., Janney Montgomery Scott LLC, Lebenthal & Co., Loop Capital Markets LLC, M.R. Beal & Co., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC as the co-managers.
The offering included $36.8 million of series 2012A bonds, $94.91 million of series 2012B bonds, $76,945,000 of series 16A bonds and $155.6 million of series 16B bonds.
The 2012A bonds are due 2025 to 2031 with 5% coupons. The 2012B bonds are due 2103 to 2022 with term bonds due in 2024 and 2032. The serial coupons range from 3% to 5%. The 2024 bonds have a 5% coupon priced at 124.894, and the 2032 bonds have a 5% coupon priced at 118.417.
The series 16A bonds are due 2025 to 2031 with 3% to 5% coupons. The series 16B bonds are due 2013 to 2024 with term bonds due in 2032, 2037 and 2042. The serial coupons range from 2% to 5%. The 2032 bonds have a split maturity with a 3.25% coupon priced at 98.109 and a 5% coupon priced at 115.192. The 2037 bonds have a split maturity with a 4% coupon priced at 100.341 and a 5% coupon priced at 112.567. The 2042 bonds have a 4% coupon priced at par.
Proceeds will be used to finance or refinance water abatement and clean drinking water projects, as well as to refund existing debt.
| Issuer: | Massachusetts Water Abatement Trust
|
| Issue: | Series 2012 state revolving fund bonds
|
| Amount: | $364,255,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. (lead), Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Cabrera Capital Markets LLC, CastleOak Securities LP, Corby Capital Markets Inc., Fidelity Capital Markets LLC, Jackson Securities Inc., Janney Montgomery Scott LLC, Lebenthal & Co., Loop Capital Markets LLC, M.R. Beal & Co., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | May 31
|
| Settlement date: | June 13
|
|
|
| $36.8 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2025 | Serial | 5% | 124.381
|
| $6,275,000 | 2026 | Serial | 5% | 123.565
|
| $6,415,000 | 2027 | Serial | 5% | 122.756
|
| $6,585,000 | 2028 | Serial | 5% | 121.953
|
| $6.67 million | 2029 | Serial | 5% | 121.256
|
| $5.73 million | 2030 | Serial | 5% | 120.563
|
| $4,125,000 | 2031 | Serial | 5% | 119.875
|
|
|
| $94.91 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.49 million | 2013 | Serial | 3% | NRO
|
| $12.17 million | 2014 | Serial | 4% | 107.75
|
| $12,705,000 | 2015 | Serial | 4% | 110.867
|
| $16.63 million | 2016 | Serial | 5% | 117.801
|
| $515,000 | 2017 | Serial | 5% | 120.8
|
| $2.5 million | 2018 | Serial | 5% | 123.268
|
| $11,925,000 | 2021 | Serial | 5% | 126.741
|
| $16.92 million | 2022 | Serial | 5% | 127.707
|
| $4,375,000 | 2024 | Term | 5% | 124.894
|
| $3.68 million | 2032 | Term | 5% | 118.417
|
|
|
| $76,945,000 series 16A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.05 million | 2025 | Serial | 5% | 120.745
|
| $11,475,000 | 2026 | Serial | 3% | 100
|
| $10.30 million | 2027 | Serial | 3% | 99
|
| $10,615,000 | 2028 | Serial | 3% | 98.999
|
| $10.98 million | 2029 | Serial | 3.25% | NRO
|
| $11.4 million | 2030 | Serial | 3.25% | 98.995
|
| $11,125,000 | 2031 | Serial | 4.5% | NRO
|
|
|
| $155.6 million series 16B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5 million | 2013 | Serial | 3% | NRO
|
| $1,975,000 | 2014 | Serial | 2% | 103.503
|
| $7,205,000 | 2014 | Serial | 4% | 107.75
|
| $890,000 | 2015 | Serial | 2% | 104.657
|
| $8,355,000 | 2015 | Serial | 4% | 110.867
|
| $510,000 | 2016 | Serial | 2% | 105.58
|
| $8,895,000 | 2016 | Serial | 5% | 117.801
|
| $2.37 million | 2017 | Serial | 2% | 105.764
|
| $7.25 million | 2017 | Serial | 5% | 120.8
|
| $1.07 million | 2018 | Serial | 3% | 111.426
|
| $8.76 million | 2018 | Serial | 5% | 123.268
|
| $505,000 | 2019 | Serial | 3% | 111.616
|
| $9.59 million | 2019 | Serial | 5% | 125.204
|
| $1,835,000 | 2020 | Serial | 4% | 118.484
|
| $8.53 million | 2020 | Serial | 5% | 126.091
|
| $10,695,000 | 2021 | Serial | 5% | 124.022
|
| $11,095,000 | 2022 | Serial | 5% | 122.665
|
| $10.32 million | 2023 | Serial | 5% | 121.492
|
| $10,715,000 | 2024 | Serial | 5% | 120.415
|
| $4.87 million | 2032 | Term | 3.25% | 98.109
|
| $6.69 million | 2032 | Term | 5% | 115.192
|
| $4.23 million | 2037 | Term | 4% | 100.341
|
| $8,645,000 | 2037 | Term | 5% | 112.567
|
| $15.6 million | 2042 | Term | 4% | 100
|
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