By Cristal Cody
Tupelo, Miss., April 30 - The Massachusetts Water Resources Authority priced $283.57 million in general revenue and general revenue refunding bonds (Aa1/AA+/AA), according to an official statement.
The authority sold $100 million of series 2010A general revenue bonds with serial maturities from 2015 through 2030 with 3% to 5% coupons to yield 1.88% to 4.07%, according to the statement.
In addition, the authority priced $183.57 million of series 2010B general revenue refunding bonds with serial maturities from 2014 through 2030 with 5% coupons to yield 1.54% to 4.17%.
Citigroup Global Markets Inc. was the senior manager of the negotiated sale. The co-managers were Barclays Capital Inc., Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Jefferies & Co., Fidelity Capital Markets LLC, Goldman, Sachs & Co., Janney Montgomery Scott LLC, Morgan Stanley & Co. Inc. and Ramirez & Co. Inc.
Proceeds will be used to refund existing debt and fund upcoming construction projects.
| Issuer: | Massachusetts Water Resources Authority
|
| Issue: | General revenue and general revenue refunding bonds
|
| Amount: | $283.57 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Barclays Capital Inc., Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Jefferies & Co., Fidelity Capital Markets LLC, Goldman, Sachs & Co., Janney Montgomery Scott LLC, Morgan Stanley & Co. Inc. and Ramirez & Co. Inc.
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | April 28
|
| Settlement date: | May 6
|
|
|
| Series 2010A general revenue bonds
|
| Maturity | Type | Coupon | Yield
|
| 2015 | Serial | 3% | 1.88%
|
| 2016 | Serial | 3% | 2.32%
|
| 2017 | Serial | 3% | 2.64%
|
| 2018 | Serial | 3% | 2.85%
|
| 2019 | Serial | 3% | 3.05%
|
| 2020 | Serial | 4% | 3.20%
|
| 2021 | Serial | 4% | 3.34%
|
| 2022 | Serial | 4% | 3.45%
|
| 2022 | Serial | 5% | 3.45%
|
| 2023 | Serial | 4% | 3.53%
|
| 2023 | Serial | 5% | 3.53%
|
| 2024 | Serial | 4% | 3.61%
|
| 2024 | Serial | 5% | 3.61%
|
| 2025 | Serial | 4% | 3.69%
|
| 2025 | Serial | 5% | 3.69%
|
| 2026 | Serial | 5% | 3.77%
|
| 2027 | Serial | 5% | 3.85%
|
| 2028 | Serial | 4% | 3.92%
|
| 2028 | Serial | 5% | 3.92%
|
| 2029 | Serial | 4% | 4.00%
|
| 2029 | Serial | 5% | 3.99%
|
| 2030 | Serial | 4% | 4.07%
|
| 2030 | Serial | 5% | 4.07%
|
| 2035 | Term | 5% | 4.27%
|
| 2040 | Term | 5% | 4.33%
|
|
|
| Series 2010B general revenue refunding bonds
|
| Maturity | Type | Coupon | Yield
|
| 2014 | Serial | 5% | 1.54%
|
| 2015 | Serial | 5% | 1.88%
|
| 2016 | Serial | 5% | 2.32%
|
| 2017 | Serial | 5% | 2.64%
|
| 2018 | Serial | 5% | 2.85%
|
| 2019 | Serial | 5% | 3.05%
|
| 2021 | Serial | 5% | 3.34%
|
| 2025 | Serial | 5% | 3.69%
|
| 2026 | Serial | 5% | 3.77%
|
| 2027 | Serial | 5% | 3.85%
|
| 2028 | Serial | 4% | 3.92%
|
| 2029 | Serial | 5% | 3.99%
|
| 2030 | Serial | 5% | 4.07%
|
| 2031 | Serial | 5% | 4.12%
|
| 2032 | Serial | 5% | 4.17%
|
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