The Massachusetts Development Finance Agency this week will sell $134.7 million of fixed-rate refunding debt on behalf of Boston-based broadcaster WGBH.
Retail pricing begins tomorrow with institutional sales set for Wednesday. RBC Capital Markets is underwriter on the revenue bonds. Edwards, Angell, Palmer & Dodge LLP is bond counsel. There is no outside financial adviser.
MassDevelopment anticipates that the bonds will be insured, said first vice president Jami Loh.
WGBH, part of the Public Broadcasting Service, carries an A rating from Standard & Poor’s.
The station’s endowment was roughly $62.5 million as of March 31, according to the preliminary official statement. The credit had $174 million of outstanding debt as of Aug. 31, according to a Standard & Poor’s report.
The transaction will help refinance portions of WGBH’s variable-rate bonds that carry insurance via Ambac Assurance Corp., including Series 2002A, Series 2005A, Series 2006A, and Series 2007A. Bond proceeds will also cover swap termination costs on four SIFMA swap agreements attached to the prior floating-rate debt. Maturities run through 2042 with the deal containing two portions of debt, Series 2008A for $107.2 million with serial and term bonds and Series 2008B for $27.5 million, which are zero-coupon bonds.
The WGBH Educational Foundation is a non-rofit corporation that runs six PBS and three public radio operations.