Published on 1/21/2016 in the Prospect News Municipals Daily.
New Issue: Massachusetts Development prices $169.65 million UMass Memorial bonds
By Sheri Kasprzak
New York, Jan. 21 – The Massachusetts Development Finance Agency sold $169,645,000 of series 2016I revenue bonds for the UMass Memorial Health Care Obligated Group, according to a term sheet. The deal was downsized from $176,445,000.
The bonds (/BBB+/A-) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2018 to 2031 with term bonds due in 2036, 2041 and 2046. The serial bonds have 5% coupons. The 2036 bonds have a 5% coupon priced at 114.591. The 2041 bonds have a 4% coupon priced at 100.521 and a 5% coupon priced at 113.18. The 2046 bonds have a 5% coupon priced at 112.714.
Proceeds will be used to reimburse the obligated group for costs associated with construction, improvement and equipment acquisitions, as well as to refund the obligated group’s series 1998A and 2005D revenue bonds.
| Issuer: | Massachusetts Development Finance Agency/UMass Memorial Health Care Obligated Group
|
| Issue: | Series 2016I revenue bonds
|
| Amount: | $169,645,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Standard & Poor’s: BBB+
|
| Fitch: A-
|
| Pricing date: | Jan. 20
|
| Settlement date: | Feb. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,295,000 | 2018 | Serial | 5% | 109.089
|
| $3,465,000 | 2019 | Serial | 5% | 111.923
|
| $3,645,000 | 2020 | Serial | 5% | 114.341
|
| $3,825,000 | 2021 | Serial | 5% | 116.267
|
| $1,855,000 | 2022 | Serial | 5% | 117.907
|
| $4.7 million | 2023 | Serial | 5% | 118.907
|
| $6,925,000 | 2024 | Serial | 5% | 119.784
|
| $7.27 million | 2025 | Serial | 5% | 120.109
|
| $7,615,000 | 2026 | Serial | 5% | 120.554
|
| $7.99 million | 2027 | Serial | 5% | 119.451
|
| $8,385,000 | 2028 | Serial | 5% | 118.657
|
| $10,435,000 | 2029 | Serial | 5% | 117.968
|
| $10,945,000 | 2030 | Serial | 5% | 117.283
|
| $11.48 million | 2031 | Serial | 5% | 116.506
|
| $25,505,000 | 2036 | Term | 5% | 114.591
|
| $10 million | 2041 | Term | 4% | 100.251
|
| $13,135,000 | 2041 | Term | 5% | 113.18
|
| $29,175,000 | 2046 | Term | 5% | 112.714
|
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