By Cristal Cody
Springdale, Ark., May 29 - The Massachusetts Water Resources Authority priced $1.162 billion multimodal bonds with 1.6% to 1.75% initial rates on Thursday, a source with the issuer told Prospect News.
The sale includes $337.96 million series 2008A bonds due Aug. 1, 2037; $124.58 million series 2008B bonds due Aug. 1, 2031; $199.375 million series 2008C bonds due Nov. 1, 2026; $83.6 million series 2008D bonds due Aug. 1, 2011; $224.74 million series 2008E bonds due Aug. 1, 2037; and $191.69 million series 2008F bonds due Aug. 1, 2029.
The subordinated general revenue refunding bonds (Aa3/AA-/AA-) priced with an initial weekly rate.
Citigroup Global Markets managed the negotiated sale of the series 2008A bonds; Lehman Brothers managed the series 2008B bonds; JPMorgan managed the series 2008C and 2008D bonds; Morgan Stanley managed the series 2008E bonds and Goldman, Sachs & Co. managed the series 2008F bonds.
Proceeds will be used to refund the authority's 13 outstanding subordinated auction-rate and insured variable-rate demand bonds.
| Issuer: | Massachusetts Water Resources Authority
|
| Issue: | Subordinated general revenue refunding bonds
|
| Amount: | $1.162 billion
|
| Reset: | Weekly
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | May 29
|
|
|
| Series | Maturity | Rate
|
| 2008A | 2037 | 1.7%
|
| 2008B | 2031 | 1.7%
|
| 2008C | 2026 | 1.75%
|
| 2008D | 2011 | 1.75
|
| 2008E | 2037 | 1.7%
|
| 2008F | 2029 | 1.6%
|
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