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
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Preliminary Official Statement
- Information Statement
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Supplement to the Information Statement dated July 28, 2025
- Investor Presentation
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- Ratings Reports
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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
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- J.P. Morgan | (855) 231-8873
- Co-Senior Managers
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- BofA Securities | (800) 937-0866
- Morgan Stanley | (800) 544-5372
- Co-Managers
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- 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