Published on 6/13/2016 in the Prospect News Municipals Daily.
New Issue: Massachusetts Development brings $188.24 million Emmanuel College bonds
By Sheri Kasprzak
New York, June 13 – The Massachusetts Development Finance Agency sold $188,235,000 of series 2016 revenue bonds for Emmanuel College, according to a pricing sheet.
The deal included $137.97 million of series 2016A bonds and $50,265,000 of series 2016B taxable bonds.
The 2016A bonds are due 2030 to 2036 with term bonds due in 2043 and 2046. The serial bonds have 5% coupons with 2.84% to 3.12% yields. The 2043 bonds have a 5% coupon priced at 115.293 to yield 3.24% and the 2046 bonds have a 4% coupon priced at 103.236 to yield 3.62%.
The 2016B bonds are due 2019 to 2021 with a term bond due in 2030. The serial coupons range from 2.705% to 3.113%, all priced at par. The 2030 bonds have a 3.976% coupon priced at par.
The bonds (Baa2) were sold through Goldman, Sachs & Co.
Proceeds will be used to finance capital improvements to the college’s Boston campus.
| Issuer: | Massachusetts Development Finance Agency/Emmanuel College
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $188,235,000
|
| Type: | Negotiated
|
| Underwriter: | Goldman, Sachs & Co.
|
| Rating: | Moody’s: Baa2
|
| Pricing date: | June 10
|
| Settlement date: | June 16
|
|
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| $137.97 million series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.53 million | 2030 | Serial | 5% | 119.154 | 2.84%
|
| $5,685,000 | 2031 | Serial | 5% | 118.663 | 2.89%
|
| $5.98 million | 2032 | Serial | 5% | 118.175 | 2.94%
|
| $6,285,000 | 2033 | Serial | 5% | 117.689 | 2.99%
|
| $6.61 million | 2034 | Serial | 5% | 117.205 | 3.04%
|
| $6,945,000 | 2035 | Serial | 5% | 116.82 | 3.08%
|
| $7,305,000 | 2036 | Serial | 5% | 116.436 | 3.12%
|
| $62.76 million | 2043 | Term | 5% | 115.293 | 3.24%
|
| $33.87 million | 2046 | Term | 4% | 103.236 | 3.62%
|
|
|
| $50,265,000 series 2016B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,545,000 | 2019 | Serial | 2.705% | 100 | 2.705%
|
| $1.55 million | 2020 | Serial | 2.913% | 100 | 2.913%
|
| $2 million | 2021 | Serial | 3.113% | 100 | 3.113%
|
| $43.17million | 2030 | Term | 3.976% | 100 | 3.976%
|
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