By Aaron Hochman-Zimmerman
New York, Feb. 4 - The Massachusetts Water Resources Authority priced $383.2 million series 2009 revenue and refunding bonds (//AA) on Tuesday, according to Ria Convery, authority communications director.
Due to strong demand the bonds priced one day early.
The bonds were split into $98 million of 2009 series A new money bonds to fund construction and $285.2 million of 2009 series B in refunding bonds.
The series B bonds included $77 million to refund outstanding commercial paper and $208.2 million to refund existing bonds for savings.
Serial bonds priced with maturities from 2010 to 2029. Term bonds are due 2034 and 2039.
J.P. Morgan Securities Inc. and Citigroup Global Markets acted as underwriters for the negotiated issue.
Proceeds will be used for improvements to water infrastructure and to refund outstanding bonds.
The authority is located in Boston.
Issuer: Massachusetts Water Resources Authority
Issue: Series 2009 revenue and refunding bonds
| Amount: | $383.2 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc., Citigroup Global Markets
|
| True Interest Cost: | 4.32% |
|
| Pricing date: | Feb.3
|
| Ratings: | Fitch: AA
|
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