Upcoming April 2025 Commonwealth Financing: General Obligation Bonds

The Commonwealth of Massachusetts has announced an upcoming sale of approximately $1,070,000,000* of General Obligation Bonds, comprising its Consolidated Loan of 2025, Series A and General Obligation Refunding Bonds 2025 Series A on April 23 – April 24, 2025. *

About the Financing

Thank you for expressing interest in the Commonwealth of Massachusetts' upcoming financing, which is
expected to be comprised of the following:

• $600,000,000*
  General Obligation Bonds
  Consolidated Loan of 2025, Series A
• $470,000,000*
  General Obligation Refunding Bonds
  2025 Series A

Transaction Details

Preliminary Official Statement

 

• Supplement dated April 22, 2025 to the Preliminary Official Statement dated April 14, 2022

 

Information Statement

 

• Supplement to the Information Statement dated April 22, 2025 to the Commonwealth of Massachusetts Information Statement dated March 27, 2025

 

Investor Conference Call and Investor Presentation

 

• Investor Presentation
• Presentation for Investor Call: April 4, 2025 | (Slides Only) | Q&A

 

Ratings Reports

 

• Fitch (PDF) | Fitch Press Release (PDF)
• Moody's (PDF) | Moody's Credit Opinion (PDF)
• S&P (PDF)

 

Timing

Timing and size of the offering are preliminary and subject to change. The General Obligation Bonds, Consolidated Loan of 2025, Series A and General Obligation Refunding Bonds, 2025 Series A (collectively, the “Bonds”) are expected to be offered to individual investors during a retail order period on Wednesday, April 23rd*. The Bonds will then be offered to institutional investors on Thursday, April 24th*. Individual Massachusetts investors will maintain a first priority on their orders only during the retail order period on Wednesday, April 23rd* and may still place orders for any remaining Bonds on Thursday, April 24th*. For more information on the Bonds, please review the Preliminary Official Statement. This is not an offer to sell nor a solicitation of an offer to buy the Bonds. Bonds may only be purchased through a broker-dealer and in conjunction with the review of the Preliminary Official Statement.

*Preliminary and subject to change.

Syndicate

Joint Book-Running Senior Managers

 

• Jefferies | (800) 567-8567 
• Loop Capital Markets | (212) 619-3045

 

Co-Senior Manager

 

• Morgan Stanley | (800) 544-5372

 

Co-Managers

 

• American Veterans Group, PBC | (646) 933-8387
• Barclays | (617) 330-5800
• Fidelity Capital Markets | (800) 544-5372
• Huntington Securities, Inc. | (800) 322-4600
• Oppenheimer & Co. | (800) 828-6726