Massachusetts Educational Finance Authority to sell $400 million; Palo Alto district sale ahead

By Cristal Cody and Sheri Kasprzak

New York, Aug. 22 - The week wound down with a reasonably steady stream of new offerings coming in for the week and the weeks ahead.

The new issue action was led by the Massachusetts Educational Financing Authority's $400 million offering in education loan revenue bonds, according to a preliminary official statement.

The series 2008H term bonds are due 2023 and 2032.

The bonds are insured by Assured Guaranty Corp.

Morgan Stanley is the senior manager of the negotiated sale.

Proceeds will be used to finance loans and to refund the series 2001E, 2002E, 2003E, 2004E, 2005E and 2006E education loan revenue bonds.

Palo Alto USD sale ahead

In other sales planned for the week of Aug. 25, the Palo Alto Unified School District in California is gearing up to price $120 million in series 2008 general obligation bonds Tuesday, said a calendar of upcoming deals.

The bonds (Aa2) will be sold on a competitive basis.

Proceeds will be used for school modernization and expansion and for new construction projects at existing schools.

Austin to sell $113.46 million

Also during the week, Austin, Texas, plans to bring $113.46 million of bonds, certificates of obligation and contractual obligations via competitive sales, according to sale notices. The offerings are set to take place Thursday.

The $76.045 million series 2008 public improvement bonds have serial maturities in 2009 and 2011 through 2028.

The $10.7 million series 2008 COPs have serial maturities from 2009 through 2028.

The $26.715 million series 2008 public property finance contractual obligations have serial maturities from 2009 through 2015.

PFM Group is the city's financial adviser.

The bonds, COPs and obligations (Aa1/AAA/AA+) will be sold to finance capital improvements and to purchase equipment and other property.

Omaha Public Power District deal

The Omaha Public Power District in Nebraska plans to price $105 million in series 2008A electric system revenue bonds, according to a preliminary official statement.

Wachovia Bank, NA is the senior manager of the negotiated sale.

Proceeds will be used to reimburse costs for capital expenditures.

Also ahead, the Modesto Public Financing Authority in California plans to price $65.16 million lease revenue refunding bonds, according to a preliminary official statement.

The series 2008 bonds (/A/A+) are due Sept. 1, 2033.

The bonds initially will price with a weekly interest rate.

Banc of America Securities LLC will manage the negotiated sale.

Proceeds will be used to refund the series 1998 lease revenue bonds and the series 2007 lease revenue refunding and capital improvement bonds.

Massachusetts HFA to sell bonds

Looking a bit farther out on the horizon, the Massachusetts Housing Finance Agency is expecting to price $187.91 million in single-family housing revenue bonds, according to a preliminary official statement released Friday.

The sale includes $5.07 million in series 136 AMT bonds, $15.98 million in series 137 non-AMT bonds, $57.6 million in series 138 non-AMT bonds and $109.26 million in series 139 non-AMT bonds (Aa2/AA/).

The 136 bonds are due 2010 with a term bond due 2023. The 137 bonds are due 2009 to 2012, and the 138 bonds are due 2028, 2033 and 2039. The 139 bonds are due 2013 to 2018 with term bonds due 2023, 2028, 2033 and 2037.

Morgan Stanley is the lead manager for the negotiated deal.

Proceeds will be used to purchase mortgage loans and to refund prior obligations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.