Massachusetts Development Finance intends to price $420.08 million bonds for Partners HealthCare

By Sheri Kasprzak

New York, Dec. 30 - The Massachusetts Development Finance Agency is expected to sell $420.075 million of series 2011K revenue bonds for Partners HealthCare System, according to a preliminary official statement.

The offering includes $50 million of series 2011K-1 bonds (Aa2/VMIG1/AA/A-1+/AA/F1+), $50 million of series 2011K-2 bonds (Aa2/VMIG1/AA/A-1+/AA/F1+), $48.94 million of series 2011K-3 bonds (Aa2/AA/AA), $73.495 million of series 2011K-4 bonds (Aa2/AA/AA), $66.855 million of series 2011K-5 bonds (Aa2/AA/AA) and $130.785 million of series 2011K-6 bonds (Aa2/AA/AA)

Wells Fargo Securities LLC is the underwriter for the series 2011K-1 bonds and Barclays Capital Inc. is the underwriter for the 2011K-2 bonds. J.P. Morgan Securities LLC is an underwriter for the 2011K-3, 2011K-4, 2011K-5 and 2011K-6 bonds. Bank of America Merrill Lynch is an underwriter for the series 2011K-4, 2011K-5 and 2011K-6 bonds.

The 2011K-1 and 2011K-2 bonds are due July 1, 2046 and are weekly rate bonds. The 2011K-3 bonds are due July 1, 2038 and are index floating-rate bonds. The 2011K-4 and 2011K-5 bonds are due July 1, 2035 with a term rate. The 2011K-6 bonds are due 2014 to 2021 with term bonds due 2041.

Proceeds will be used to construct a 500,000 square-foot building at the health care system's main campus; renovate and relocate the radiation oncology department, emergency services department, rooms and a new central receiving dock; construct a rehabilitation hospital; and make other renovations and repairs to Partners facilities.

Based in Boston, the agency provides funding to health care and educational facilities within the commonwealth. The health care system is based in Boston.

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