Published on 1/20/2016 in the Prospect News Municipals Daily.
New Issue: Massachusetts Development prices $423.99 million Partners revenue bonds
By Sheri Kasprzak
New York, Jan. 20 – The Massachusetts Development Finance Agency sold $423.99 million of series 2016Q revenue bonds for the Partners Healthcare System, according to a pricing sheet. The offering was upsized from $235,275,000.
The bonds (/AA-/AA) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2017 to 2036 with term bonds due in 2041 and 2047. The serial coupons range from 3% to 5% with yields from 0.6% to 3.36%. The 2041 bonds have a 4% coupon priced at 103.361 to yield 3.61% and a 5% coupon priced at 115.75 to yield 3.21%. The 2047 bonds have a 4% coupon priced at 102.573 to yield 3.7% and a 5% coupon priced at 114.89 to yield 3.3%.
Proceeds will be used to finance the construction and equipment of a new clinical research facility, an underground parking facility, an administrative building and a special care nursery, as well as capital improvements to other Partners facilities.
| Issuer: | Massachusetts Development Finance Agency/Partners Healthcare System
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| Issue: | Series 2016Q revenue bonds
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| Amount: | $423.99 million
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Barclays, BNY Mellon Capital Markets LLC, Jefferies & Co., TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Standard & Poor’s: AA-
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| Fitch: AA
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| Pricing date: | Jan. 20
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| Settlement date: | Jan. 28
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $390,000 | 2017 | Serial | 5% | 106.233 | 0.60%
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| $905,000 | 2018 | Serial | 3% | 105.05 | 0.89%
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| $2,415,000 | 2019 | Serial | 4% | 109.862 | 1.06%
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| $2,435,000 | 2020 | Serial | 5% | 116.233 | 1.22%
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| $2,455,000 | 2021 | Serial | 4% | 113.648 | 1.38%
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| $9.13 million | 2022 | Serial | 5% | 120.815 | 1.58%
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| $11.34 million | 2023 | Serial | 5% | 122.379 | 1.77%
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| $3,525,000 | 2024 | Serial | 4% | 115.939 | 1.94%
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| $7 million | 2024 | Serial | 5% | 123.676 | 1.94%
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| $3,185,000 | 2025 | Serial | 4% | 116.168 | 2.10%
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| $7,545,000 | 2025 | Serial | 5% | 124.678 | 2.10%
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| $3.94 million | 2026 | Serial | 4% | 116.381 | 2.23%
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| $9 million | 2026 | Serial | 5% | 125.637 | 2.23%
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| $20 million | 2027 | Serial | 5% | 124.479 | 2.34%
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| $20 million | 2028 | Serial | 5% | 123.333 | 2.45%
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| $20 million | 2029 | Serial | 5% | 122.302 | 2.55%
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| $14,905,000 | 2030 | Serial | 5% | 121.586 | 2.62%
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| $22.15 million | 2031 | Serial | 5% | 120.775 | 2.70%
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| $20,915,000 | 2032 | Serial | 4% | 107.409 | 3.16%
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| $15,775,000 | 2033 | Serial | 3.125% | 97.563 | 3.31%
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| $3,025,000 | 2034 | Serial | 4% | 106.493 | 3.26%
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| $10.7 million | 2034 | Serial | 5% | 119.171 | 2.86%
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| $15,425,000 | 2035 | Serial | 5% | 118.675 | 2.91%
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| $13 million | 2036 | Serial | 4% | 105.587 | 3.36%
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| $13,455,000 | 2041 | Term | 4% | 103.361 | 3.61%
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| $36,545,000 | 2041 | Term | 5% | 115.75 | 3.21%
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| $4.35 million | 2047 | Term | 4% | 102.573 | 3.70%
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| $130.48 million 2047 | Term | 5% | 114.89 | 3.30%
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