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

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.

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