Published on 2/18/2015 in the Prospect News Municipals Daily.
New Issue: Massachusetts Development prices $69.58 million Tufts University bonds
By Sheri Kasprzak
New York, Feb. 18 – The Massachusetts Development Finance Agency sold $69,575,000 of series 2015Q revenue bonds for Tufts University, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold through Barclays.
The bonds are due 2019 to 2035 with term bonds due in 2038 and 2045. The serial coupons range from 4% to 5%, and yields range from 1.13% to 3.11%. The 2038 bonds have a 4% coupon priced at 103.55 to yield 3.59% and a 5% coupon priced at 116.875 to yield 3.1%. The 2045 bonds have a 3.75% coupon priced at 97.687 to yield 3.88%.
Proceeds will be used to finance capital improvements and repairs to Robinson Hall in Medford, Mass., and other capital repairs as well as to refund the university’s series O revenue bonds.
| Issuer: | Massachusetts Development Finance Agency/Tufts University
|
| Issue: | Series 2015Q revenue bonds
|
| Amount: | $69,575,000
|
| Type: | Negotiated
|
| Underwriter: | Barclays
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 26
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.99 million | 2019 | Serial | 4% | 112.474 | 1.13%
|
| $1.87 million | 2020 | Serial | 5% | 119.065 | 1.37%
|
| $2,045,000 | 2021 | Serial | 5% | 120.884 | 1.59%
|
| $2.68 million | 2022 | Serial | 5% | 121.958 | 1.84%
|
| $6,845,000 | 2023 | Serial | 5% | 123.178 | 2.01%
|
| $1.01 million | 2025 | Serial | 4% | 114.435 | 2.43%
|
| $3.55 million | 2028 | Serial | 5% | 120.347 | 2.75%
|
| $1.55 million | 2029 | Serial | 5% | 119.944 | 2.79%
|
| $1,535,000 | 2030 | Serial | 5% | 119.242 | 2.86%
|
| $1.59 million | 2031 | Serial | 5% | 118.645 | 2.92%
|
| $3,195,000 | 2032 | Serial | 5% | 118.249 | 2.96%
|
| $4.04 million | 2033 | Serial | 5% | 117.657 | 3.02%
|
| $1.89 million | 2034 | Serial | 5% | 117.167 | 3.07%
|
| $1,945,000 | 2035 | Serial | 5% | 116.777 | 3.11%
|
| $18,995,000 | 2038 | Term | 4% | 103.55 | 3.59%
|
| $8.94 million | 2038 | Term | 5% | 116.875 | 3.10%
|
| $5,905,000 | 2045 | Term | 3.75% | 97.687 | 3.88%
|
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