By Sheri Kasprzak
New York, March 24 - The Massachusetts Development Finance Authority priced $196.825 million of series 2011I revenue bonds on Thursday for Tufts Medical Center, said a pricing sheet.
The bonds (BBB/BBB) were sold through Barclays Capital Inc. and J.P. Morgan Securities LLC.
The bonds are due 2012 to 2022 with term bonds due in 2027, 2032, 2036 and 2041. The serial coupons range from 4% to 5.5%. The 2027 bonds have a 6.25% coupon priced at par, and the 2032 bonds have a 7.25% coupon priced at 104.599. The 2036 bonds have a 6.75% coupon priced at 99.037. The 2041 bonds have a 6.875% coupon priced at 99.296.
Proceeds will be used to construct, improve and expand an acute care hospital operated by Tufts, as well as other Tufts facilities and to refinance existing debt.
| Issuer: | Massachusetts Development Finance Authority/Tufts Medical Center
|
| Issue: | Series 2011I revenue bonds
|
| Amount: | $196.825 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
| Pricing date: | March 24
|
| Settlement date: | April 7
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.21 million | 2012 | Serial | 4% | 101.74
|
| $2.3 million | 2013 | Serial | 4% | 102.525
|
| $2.405 million | 2014 | Serial | 5% | 105.206
|
| $2.53 million | 2015 | Serial | 5% | 104.666
|
| $2.655 million | 2016 | Serial | 5% | 104.048
|
| $2.795 million | 2017 | Serial | 5% | 103.311
|
| $2.935 million | 2018 | Serial | 5% | 101.765
|
| $3.845 million | 2019 | Serial | 5% | 100
|
| $4.68 million | 2020 | Serial | 5.125% | 99.125
|
| $4.93 million | 2021 | Serial | 5.25% | 98.347
|
| $5.2 million | 2022 | Serial | 5.5% | 98.716
|
| $31.37 million | 2027 | Term | 6.25% | 100
|
| $44.04 million | 2032 | Term | 7.25% | 104.599
|
| $48.22 million | 2036 | Term | 6.75% | 99.037
|
| $36.71 million | 2041 | Term | 6.875% | 99.296
|
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