Published on 8/31/2018 in the Prospect News Green Finance Daily.
New Issue: Massachusetts Clean Water Trust prices $163.46 million green bonds
By Marisa Wong
Morgantown, W.Va., Aug. 31 – The Massachusetts Clean Water Trust priced $163.46 million of series 21 state revolving fund green bonds (Aaa/AAA/), according to a notice.
The bonds priced in 22 tranches due 2019 to 2038 with coupons ranging from 2.25% to 5% and yields ranging from 1.54% to 2.99%. Pricing details are in the table below.
The green bonds were offered to individual investors during the retail order period on Aug. 24 and Aug. 27 and then to institutional investors on Aug. 28, as previously reported.
The senior manager is Citigroup; the co-senior managers are Bank of America Merrill Lynch and Ramirez & Co.; the co-managers are Drexel Hamilton LLC, Fidelity Capital Markets, Goldman, Sachs & Co., J.P. Morgan Securities, LLC, Loop Capital Markets and RBC Capital Markets.
Proceeds will be used to finance or refinance wastewater and drinking water projects.
The offering closes on Sept. 12.
Series 21 state revolving fund green bonds
| Amount | Maturity | Coupon Price | Yield
|
| $6.1 million | Aug. 1, 2019 | 5% | 103.031 | 1.54%
|
| $1,835,000 | Aug. 1, 2020 | 4% | 104.364 | 1.64%
|
| $4.54 million | Aug. 1, 2020 | 5% | 106.213 | 1.64%
|
| $6.57 million | Aug. 1, 2021 | 5% | 108.988 | 1.79%
|
| $6,785,000 | Aug. 1, 2022 | 4% | 107.829 | 1.9%
|
| $6,945,000 | Aug. 1, 2023 | 2.25% | 101.11 | 2.01%
|
| $6,995,000 | Aug. 1, 2024 | 5% | 115.915 | 2.11%
|
| $7.23 million | Aug. 1, 2025 | 5% | 117.728 | 2.21%
|
| $3.81 million | Aug. 1, 2026 | 4% | 111.812 | 2.35%
|
| $3.67 million | Aug. 1, 2026 | 5% | 118.972 | 2.35%
|
| $7,695,000 | Aug. 1, 2027 | 5% | 120.515 | 2.42%
|
| $7,965,000 | Aug. 1, 2028 | 5% | 121.873 | 2.49%
|
| $7,945,000 | Aug. 1, 2029 | 5% | 121.189 | 2.56%
|
| $8,225,000 | Aug. 1, 2030 | 5% | 120.511 | 2.63%
|
| $8.52 million | Aug. 1, 2031 | 5% | 119.836 | 2.7%
|
| $8.83 million | Aug. 1, 2032 | 5% | 119.357 | 2.75%
|
| $9.14 million | Aug. 1, 2033 | 5% | 118.881 | 2.8%
|
| $9,405,000 | Aug. 1, 2034 | 5% | 118.406 | 2.85%
|
| $9.75 million | Aug. 1, 2035 | 5% | 118.028 | 2.89%
|
| $10,115,000 | Aug. 1, 2036 | 5% | 117.652 | 2.93%
|
| $10,495,000 | Aug. 1, 2037 | 5% | 117.371 | 2.96%
|
| $10,895,000 | Aug. 1, 2038 | 5% | 117.09 | 2.99%
|
|
|
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