By Sheri Kasprzak
New York, March 19 - The city of Frederick in Maryland priced $121.2 million in series 2009 general obligation bonds and notes, according to an official statement released Thursday.
The bonds (Aa3/AA/AA) and notes (Aa3/SP-1+/AA) were sold on a negotiated basis with Merrill Lynch & Co. Inc. as the senior manager. The co-managers included M&T Securities Inc., Wachovia Bank, RBC Capital Markets Corp. and BB&T Capital Markets.
The sale included $95.545 million in series 2009A tax-exempt public improvement bonds, $12 million in series 2009B taxable public improvement bonds and $13.655 million in series 2009C taxable public improvement notes.
The 2009A bonds are due 2011 to 2029 with a term bond due 2034. The serials have coupons from 3% to 5% and yields from 1.44% to 4.93%. The 2034 bonds have a 5% coupon to yield 5.01%.
The 2009B bonds are due 2010 to 2014 with term bonds due 2019 and 2029. The serials have coupons from 3.264% to 4.17%, all priced at par. The 2019 bonds have a 5.495% coupon, priced at par, and the 2029 bonds have a 6.933% coupon, priced at par.
The 2009C notes are due 2013with a 4.52% coupon, priced at par.
Proceeds will be used to construct and renovate water and sewer facilities, as well as to construct public buildings and to acquire property for the Frederick Municipal Airport.
| Issuer: | City of Frederick, Md.
|
| Issue: | Series 2009 general obligation bonds and notes
|
| Amount: | $121.2 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch & Co. Inc. (lead); M&T Securities Inc.; Wachovia Bank; RBC Capital Markets Corp.; and BB&T Capital Markets (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA (for bonds); SP-1+ (for notes)
|
| Fitch: AA
|
| Pricing date: | March 12
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 3% | 1.44%
|
| 2012 | Serial | 4% | 1.71%
|
| 2013 | Serial | 4% | 2.15%
|
| 2014 | Serial | 3% | 2.61%
|
| 2015 | Serial | 4% | 2.82%
|
| 2016 | Serial | 3.25% | 3.10%
|
| 2017 | Serial | 4% | 3.27%
|
| 2018 | Serial | 3.5% | 3.49%
|
| 2019 | Serial | 4% | 3.66%
|
| 2020 | Serial | 4% | 3.95%
|
| 2021 | Serial | 4% | 4.11%
|
| 2022 | Serial | 4.25% | 4.25%
|
| 2022 | Serial | 5% | 4.20%
|
| 2023 | Serial | 4.375% | 4.38%
|
| 2023 | Serial | 5% | 4.33%
|
| 2024 | Serial | 4.5% | 4.54%
|
| 2025 | Serial | 4.625% | 4.66%
|
| 2025 | Serial | 5% | 4.61%
|
| 2026 | Serial | 4.625% | 4.74%
|
| 2026 | Serial | 5% | 4.69%
|
| 2027 | Serial | 4.75% | 4.81%
|
| 2027 | Serial | 5% | 4.76%
|
| 2028 | Serial | 4.75% | 4.89%
|
| 2029 | Serial | 4.875% | 4.93%
|
| 2034 | Term | 5% | 5.01%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3.264% | 3.264%
|
| 2011 | Serial | 3.264% | 3.264%
|
| 2012 | Serial | 3.647% | 3.647%
|
| 2013 | Serial | 4.17% | 4.17%
|
| 2014 | Serial | 4.17% | 4.17%
|
| 2019 | Term | 5.495% | 5.495%
|
| 2029 | Term | 6.933% | 6.933%
|
|
|
| Series 2009C
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Term | 4.52% | 4.52%
|
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