Published on 12/10/2014 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Massachusetts Clean Water sells $228.36 million of revolving fund debt
By Sheri Kasprzak
New York, Dec. 10 – The Massachusetts Clean Water Authority priced $228,355,000 of series 18 state revolving fund green bonds, according to a pricing sheet.
The bonds were sold through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2038 with term bonds due in 2040 and 2045. The serial coupons range from 1.5% to 5%. The 2040 bonds have a 5% coupon priced at 116.029, and the 2045 bonds have a 5% coupon priced at 115.428.
Proceeds will be used to finance clean water initiatives within the state.
| Issuer: | Massachusetts Clean Water Authority
|
| Issue: | Series 18 state revolving fund green bonds
|
| Amount: | $228,355,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch and Morgan Stanley & Co. LLC (co-senior managers); Drexel Hamilton LLC, Fidelity Capital Markets Inc., Loop Capital Markets LLC, Piper Jaffray & Co., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Jan. 7
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.23 million | 2016 | Serial | 1.5% | 101.416
|
| $1.4 million | 2017 | Serial | 2% | 103.184
|
| $880,000 | 2017 | Serial | 4% | 107.294
|
| $5,525,000 | 2017 | Serial | 5% | 109.348
|
| $4,095,000 | 2018 | Serial | 3% | 106.808
|
| $3.92 million | 2018 | Serial | 5% | 112.86
|
| $2,525,000 | 2019 | Serial | 3% | 107.825
|
| $5,685,000 | 2019 | Serial | 5% | 115.77
|
| $575,000 | 2020 | Serial | 3% | 108.309
|
| $7.87 million | 2020 | Serial | 5% | 118.084
|
| $1,435,000 | 2021 | Serial | 3% | 108.424
|
| $7.29 million | 2021 | Serial | 5% | 119.965
|
| $200,000 | 2022 | Serial | 3% | 108.066
|
| $8,805,000 | 2022 | Serial | 5% | 121.291
|
| $1.11 million | 2023 | Serial | 3% | 107.956
|
| $8.21 million | 2023 | Serial | 5% | 122.83
|
| $1,865,000 | 2024 | Serial | 2% | 99.587
|
| $7.77 million | 2024 | Serial | 5% | 124.293
|
| $9,925,000 | 2025 | Serial | 5% | 123.177
|
| $10.26 million | 2026 | Serial | 5% | 122.347
|
| $10,635,000 | 2027 | Serial | 5% | 121.524
|
| $11,025,000 | 2028 | Serial | 5% | 120.889
|
| $11.44 million | 2029 | Serial | 5% | 120.167
|
| $11.87 million | 2030 | Serial | 5% | 119.629
|
| $11,515,000 | 2031 | Serial | 5% | 119.183
|
| $11.94 million | 2032 | Serial | 5% | 118.739
|
| $12.39 million | 2033 | Serial | 5% | 118.297
|
| $12,855,000 | 2034 | Serial | 5% | 117.857
|
| $13.35 million | 2035 | Serial | 5% | 117.419
|
| $2.14 million | 2036 | Serial | 5% | 117.07
|
| $2,205,000 | 2037 | Serial | 5% | 116.808
|
| $1,545,000 | 2038 | Serial | 5% | 116.548
|
| $5.5 million | 2040 | Term | 5% | 116.029
|
| $13.37 million | 2045 | Term | 5% | 115.428
|
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