09.29.2025

The Commonwealth of Massachusetts is preparing for the negotiated sale of approximately $493.2 million* of Commonwealth Transportation Fund (“CTF”) Revenue Bonds and Refunding Bonds, 2025 Series A, October 7-8, 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:

  • $325,000,000*
    Commonwealth Transportation Fund Revenue Bonds
    (Rail Enhancement Program)
    2025 Series A
  • $168,200,000*
    Commonwealth Transportation Fund Revenue Refunding Bonds
    2025 Series A

Transaction Details

Preliminary Official Statement

 

Preliminary Official Statement

 

Information Statement

 

Supplement to the Information Statement dated July 28, 2025

 

Investor Presentation

 

Investor Presentation

 

Ratings Reports

 

 

Timing

Timing and size of the offering are preliminary and subject to change. The CTF Bonds are expected to be offered to individual investors during a retail order period on Tuesday, October 7, 2025*. The CTF Bonds will then be offered to institutional investors on Wednesday, October 8, 2025*. Individual Massachusetts investors will maintain a first priority on their orders only during the retail order period on Tuesday, October 7, 2025* and may still place orders for any remaining CTF Bonds on Wednesday, October 8, 2025*. For more information on the CTF Bonds, please review the Preliminary Official Statement. This is not an offer to sell nor a solicitation of an offer to buy the CTF Bonds. CTF 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

Bookrunning Senior Manager

 

  • J.P. Morgan | (855) 231-8873

 

Co-Senior Managers

 

 

  • BofA Securities | (800) 937-0866
  • Morgan Stanley | (800) 544-5372

 

Co-Managers

 

  • Bancroft Capital | (484) 546-8000
  • Cabrera Capital Markets | (800) 291-2388
  • Ramirez & Co., Inc. | (855) 289-2663
  • Stifel Nicolaus & Co. | (800) 679-5446
  • Truist Securities | (980) 333-6604