Published on 10/12/2012 in the Prospect News Municipals Daily.
New Issue: Massachusetts School Building Authority sells $916 million sales tax refunding bonds
By Sheri Kasprzak
New York, Oct. 12 - The Massachusetts School Building Authority priced $916.35 million of series 2012B senior dedicated sales tax refunding bonds, according to a pricing sheet. The deal was upsized from $725 million.
The bonds were sold through Jefferies & Co., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2017 to 2020 and 2027 to 2030 with 3% to 5% coupons.
Proceeds will be used to refund the authority's series 2005A revenue bonds.
Issuer: | Massachusetts School Building Authority
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Issue: | Series 2012B senior dedicated sales tax refunding bonds
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Amount: | $916.35 million
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Type: | Negotiated
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Underwriters: | Jefferies & Co., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Barclays, Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Corby Capital Markets Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC, M.R. Beal & Co., Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Stern Brothers & Co. Inc., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
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Pricing date: | Oct. 11
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Settlement date: | Oct. 30
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|
Amount | Maturity | Type | Coupon | Price
|
$5.2 million | 2017 | Serial | 3% | 110.669
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$15 million | 2017 | Serial | 4% | 115.369
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$53.86 million | 2017 | Serial | 5% | 120.069
|
$3,235,000 | 2018 | Serial | 3% | 111.704
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$6.3 million | 2018 | Serial | 4% | 117.331
|
$68.13 million | 2018 | Serial | 5% | 122.958
|
$15,655,000 | 2019 | Serial | 4% | 118.351
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$65,845,000 | 2019 | Serial | 5% | 124.859
|
$21,365,000 | 2020 | Serial | 4% | 118.721
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$64,125,000 | 2020 | Serial | 5% | 126.063
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$2.47 million | 2027 | Serial | 4% | 112.214
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$70.46 million | 2027 | Serial | 5% | 122.858
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$130.51 million | 2028 | Serial | 5% | 122.271
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$137,205,000 | 2029 | Serial | 5% | 121.687
|
$4.01 million | 2030 | Serial | 3% | 100
|
$252.98 million | 2030 | Serial | 5% | 121.203
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