Published on 8/4/2016 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Massachusetts Water sells $104.3 million green revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 4 – The Massachusetts Water Resources Authority priced $104.26 million of series 2016D green general revenue refunding bonds, according to a pricing sheet. The deal was upsized from $100 million.
The bonds (Aa1/AA+/AA+) were sold through senior managers J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2024 to 2037 with a term bond due in 2042. The serial bonds have 5% coupons with yields from 1.32% to 2.19%. The 2042 bonds have a 3% coupon priced at 100.512 to yield 2.94%.
Proceeds will be used to refund authority’s series 2002J, 2010A, 2011B, 2012A and 2014D general revenue bonds.
| Issuer: | Massachusetts Water Resources Authority
|
| Issue: | Series 2016D green general revenue refunding bonds
|
| Amount: | $104.26 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), Goldman Sachs & Co., Jefferies & Co., Ramirez & Co. Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA+
|
| Fitch: AA+
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 24
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $835,000 | 2024 | Serial | 5% | 127.639 | 1.32%
|
| $2.51 million | 2025 | Serial | 5% | 129.846 | 1.43%
|
| $2.49 million | 2026 | Serial | 5% | 131.763 | 1.54%
|
| $2.32 million | 2027 | Serial | 5% | 130.37 | 1.67%
|
| $390,000 | 2028 | Serial | 5% | 129.521 | 1.75%
|
| $1,755,000 | 2029 | Serial | 5% | 128.889 | 1.81%
|
| $7.32 million | 2030 | Serial | 5% | 128.364 | 1.86%
|
| $5,625,000 | 2031 | Serial | 5% | 127.843 | 1.91%
|
| $5,645,000 | 2032 | Serial | 5% | 127.324 | 1.96%
|
| $12,075,000 | 2033 | Serial | 5% | 126.807 | 2.01%
|
| $6.69 million | 2034 | Serial | 5% | 126.293 | 2.06%
|
| $7,025,000 | 2035 | Serial | 5% | 125.781 | 2.11%
|
| $7.38 million | 2036 | Serial | 5% | 125.272 | 2.16%
|
| $7.75 million | 2037 | Serial | 5% | 124.967 | 2.19%
|
| $34.45 million | 2042 | Term | 3% | 100.512 | 2.94%
|
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