New Issue: Massachusetts Port Authority prices $171.49 million of revenue bonds

By Sheri Kasprzak

New York, July 13 – The Massachusetts Port Authority sold $171,485,000 of series 2015 revenue bonds, according to a pricing sheet.

The deal included $104.48 million of series 2015A non-AMT bonds and $67,005,000 of series 2015B AMT bonds.

The 2015A bonds are due 2019 to 2035 with term bonds due in 2040 and 2045. The serial bonds have 5% coupons with 1.14% to 3.31% yields. The 2040 bonds have a 5% coupon priced at 112.881 to yield 3.46%, and the 2045 bonds have a 5% coupon priced at 111.986 to yield 3.56%.

The 2015B bonds are due 2019 to 2035 with term bonds due in 2040 and 2045. The serial bonds have 5% coupons and yields from 1.39% to 3.64%. The 2040 bonds have a 5% coupon priced at 110.221 to yield 3.76%, and the 2045 bonds have a 5% coupon priced at 109.351 to yield 3.86%.

The bonds (Aa2/AA/AA) were sold through Citigroup Global Markets Inc.

Proceeds will be used to finance a portion of the authority’s four-year capital improvement plan, as well as to repay a portion of the authority’s series 2012A tax-exempt commercial paper notes.

Issuer:	Massachusetts Port Authority
Issue:	Series 2015 revenue bonds
Amount:	$171,485,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. (lead), Jefferies & Co. and Loop Capital Markets Inc. (co-managers)
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA
	Fitch: AA
Pricing date:	July 9
Settlement date:	July 15
$104.48 million series 2015 non-AMT bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1.91 million	2019	Serial	5%	114.907	1.14%
$2,005,000	2020	Serial	5%	117.195	1.40%
$2,105,000	2021	Serial	5%	118.694	1.69%
$2.21 million	2022	Serial	5%	119.547	1.98%
$2,325,000	2023	Serial	5%	120.507	2.18%
$2.44 million	2024	Serial	5%	121.66	2.31%
$2.56 million	2025	Serial	5%	122.218	2.47%
$2.69 million	2026	Serial	5%	120.649	2.63%
$2,825,000	2027	Serial	5%	119.487	2.75%
$2,965,000	2028	Serial	5%	118.339	2.87%
$3,115,000	2029	Serial	5%	117.392	2.97%
$3.27 million	2030	Serial	5%	116.641	3.05%
$3.43 million	2031	Serial	5%	115.803	3.14%
$3,605,000	2032	Serial	5%	115.34	3.19%
$3,785,000	2033	Serial	5%	114.788	3.25%
$3,975,000	2034	Serial	5%	114.422	3.29%
$4.17 million	2035	Serial	5%	114.239	3.31%
$24,205,000	2040	Term	5%	112.881	3.46%
$30.89 million	2045	Term	5%	111.986	3.56%
$67,005,000 series 2015B AMT bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1,225,000	2019	Serial	5%	113.865	1.39%
$1.29 million	2020	Serial	5%	115.481	1.73%
$1.35 million	2021	Serial	5%	116.351	2.07%
$1.42 million	2022	Serial	5%	116.854	2.36%
$1.49 million	2023	Serial	5%	117.471	2.56%
$1,565,000	2024	Serial	5%	118.284	2.69%
$1,645,000	2025	Serial	5%	118.529	2.85%
$1,725,000	2026	Serial	5%	117.109	3.00%
$1.81 million	2027	Serial	5%	115.803	3.14%
$1.9 million	2028	Serial	5%	114.88	3.24%
$1,995,000	2029	Serial	5%	114.148	3.32%
$2,095,000	2030	Serial	5%	113.512	3.39%
$2.2 million	2031	Serial	5%	112.971	3.45%
$2.31 million	2032	Serial	5%	112.522	3.50%
$2,425,000	2033	Serial	5%	111.986	3.56%
$2.55 million	2034	Serial	5%	111.63	3.60%
$2,675,000	2035	Serial	5%	111.276	3.64%
$15.52 million	2040	Term	5%	110.221	3.76%
$19,815,000	2045	Term	5%	109.351	3.86%

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