New Issue: Massachusetts Municipal Wholesale Electric brings $164.77 million of revenue bonds

By Sheri Kasprzak

New York, Jan. 19 - The Massachusetts Municipal Wholesale Electric Co. priced $164,765,000 of series 2012 power supply project revenue bonds, according to a term sheet.

The offering included $7.52 million of series 2012A Nuclear Mix No. 1 issue bonds (A+/A+), $6.13 million of series 2012A Nuclear Project No. 3 issue bonds (A+/A+), $35,275,000 of series 2012A Nuclear Project No. 4 issue bonds (A+/A+), $11.27 million of series 2012A Nuclear Project No. 5 issue bonds (A/A+) and $104.57 million of series 2012A Project No. 6 issue bonds (A-/A+).

The Nuclear Mix No. 1 bonds are due 2012 to 2013 with 4% coupons. The Nuclear Project No. 3 bonds are due 2012 to 2013 with 3% to 4% coupons. The Nuclear Project No. 4 bonds are due 2012 to 2015 with 4% to 5% coupons. The Nuclear Project No. 5 bonds are due 2012 to 2015 with 4% to 5% coupons. The Project No. 6 bonds are due 2012 to 2017 with coupons from 4% to 5%.

Morgan Stanley & Co. LLC and BMO Capital Markets LLC were the senior managers.

Proceeds will be used to refund the company's series 2001A bonds.

Issuer:	Massachusetts Municipal Wholesale Electric Co.
Issue:	Series 2012 power supply project revenue bonds
Amount:	$164,765,000
Type:	Negotiated
Underwriters:	Morgan Stanley & Co. LLC and BMO Capital Markets LLC (lead)
Ratings:	Standard & Poor's: A+ (for No. 1, No. 3, No. 4 bonds); A (for No. 5 bonds); A- (for No. 6 bonds)
	Fitch: A+
Pricing date:	Jan. 19
Settlement date:	Jan. 26
$7.52 million series 2012A Nuclear Mix No. 1 issue bonds
Amount	Maturity	Type	Coupon	Price
$3,555,000	2012	Serial	4%	101.581
$3,965,000	2013	Serial	4%	104.923
$6.13 million series 2012A Nuclear Project No. 3 issue bonds
Amount	Maturity	Type	Coupon	Price
$5,035,000	2012	Serial	4%	101.581
$1,095,000	2013	Serial	3%	103.5
$35,275,000 series 2012A Nuclear Project No. 4 issue bonds
Amount	Maturity	Type	Coupon	Price
$5,015,000	2012	Serial	4%	101.581
$12.42 million	2013	Serial	5%	106.346
$12.92 million	2014	Serial	5%	110.063
$4.92 million	2015	Serial	5%	113.274
$11.27 million series 2012A Nuclear Project No. 5 issue bonds
Amount	Maturity	Type	Coupon	Price
$1.45 million	2012	Serial	4%	101.581
$3.52 million	2013	Serial	5%	106.346
$3.49 million	2014	Serial	4%	107.661
$2.81 million	2015	Serial	5%	113.274
$104.57 million series 2012A Project No. 6 issue bonds
Amount	Maturity	Type	Coupon	Price
$10,045,000	2012	Serial	4%	101.581
$24,365,000	2013	Serial	5%	106.124
$25,365,000	2014	Serial	5%	109.682
$27.61 million	2015	Serial	5%	112.733
$3 million	2016	Serial	4%	111.77
$14,185,000	2017	Serial	5%	116.066

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.