Published on 3/22/2016 in the Prospect News Municipals Daily.
New Issue: Frederick, Md., prices $100.61 million of general obligation bonds
By Sheri Kasprzak
New York, March 22 – The City of Frederick, Md., sold $100.61 million of series 2016 general obligation bonds, said a pricing sheet.
The deal includes $25,655,000 of series 2016A taxable refunding bonds, $17,505,000 of series 2016B tax-exempt public improvement bonds and $57.45 million of series 2016C tax-exempt refunding bonds.
The 2016A bonds are due 2017 to 2034 with 2% to 3.25% coupons and yields from 0.82% to 3.30%.
The 2016B bonds are due 2017 to 2036 with coupons from 2% to 5% and yields from 0.56% to 3.15%.
The 2016C bonds are due 2020 to 2034 with coupons from 2% to 5% and yields from 1.07% to 3.02%.
The bonds (Aa2/AA+/AA+) were sold competitively with Robert W. Baird & Co. winning the bid for the 2016A bonds and PNC Capital Markets LLC winning the 2016B and 2016C bonds.
Proceeds will be used to finance capital projects and to refund the city’s series 2009A-B G.O. bonds.
| Issuer: | City of Frederick, Md.
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $100.61 million
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| Type: | Competitive
|
| Underwriters: | Robert W. Baird & Co. (winner for 2016A), PNC Capital Markets LLC (winner for 2016B-C)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
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| Fitch: AA+
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| Pricing date: | March 16
|
| Settlement date: | March 29
|
|
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| $25,655,000 series 2016A taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,065,000 | 2017 | Serial | 2% | 101.081 | 0.82%
|
| $1.04 million | 2018 | Serial | 2% | 101.802 | 1.05%
|
| $1.04 million | 2019 | Serial | 2% | 102 | 1.30%
|
| $1.62 million | 2020 | Serial | 2% | 101.514 | 1.60%
|
| $1,655,000 | 2021 | Serial | 2% | 100.467 | 1.90%
|
| $1,695,000 | 2022 | Serial | 3% | 104.986 | 2.10%
|
| $1,875,000 | 2023 | Serial | 3% | 104.129 | 2.35%
|
| $1,965,000 | 2024 | Serial | 2.4% | 100 | 2.40%
|
| $2,015,000 | 2025 | Serial | 2.5% | 100 | 2.50%
|
| $2,065,000 | 2026 | Serial | 2.6% | 100 | 2.60%
|
| $2.87 million | 2027 | Serial | 2.75% | 100 | 2.75%
|
| $2.03 million | 2028 | Serial | 2.9% | 100 | 2.90%
|
| $2,095,000 | 2029 | Serial | 3% | 100 | 3.00%
|
| $495,000 | 2030 | Serial | 3% | 98.874 | 3.10%
|
| $510,000 | 2031 | Serial | 3% | 98.223 | 3.15%
|
| $525,000 | 2032 | Serial | 3.125% | 99.068 | 3.20%
|
| $540,000 | 2033 | Serial | 3.125% | 98.381 | 3.25%
|
| $555,000 | 2034 | Serial | 3.25% | 99.325 | 3.30%
|
|
|
| $17,505,000 series 2016B tax-exempt public improvement bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $870,000 | 2017 | Serial | 2% | 101.322 | 0.56%
|
| $880,000 | 2018 | Serial | 3% | 104.305 | 0.74%
|
| $880,000 | 2019 | Serial | 3% | 106.013 | 0.91%
|
| $880,000 | 2020 | Serial | 4% | 111.224 | 1.07%
|
| $880,000 | 2021 | Serial | 3% | 108.478 | 1.22%
|
| $880,000 | 2022 | Serial | 5% | 120.579 | 1.37%
|
| $880,000 | 2023 | Serial | 5% | 122.561 | 1.55%
|
| $880,000 | 2024 | Serial | 5% | 124.277 | 1.71%
|
| $875,000 | 2025 | Serial | 5% | 125.796 | 1.85%
|
| $875,000 | 2026 | Serial | 5% | 127.082 | 1.98%
|
| $875,000 | 2027 | Serial | 2% | 97.875 | 2.22%
|
| $875,000 | 2028 | Serial | 4% | 114.716 | 2.33%
|
| $875,000 | 2029 | Serial | 4% | 113.107 | 2.50%
|
| $875,000 | 2030 | Serial | 3% | 101.373 | 2.84%
|
| $875,000 | 2031 | Serial | 3% | 100.769 | 2.91%
|
| $870,000 | 2032 | Serial | 3% | 99.872 | 3.01%
|
| $870,000 | 2033 | Serial | 3% | 99.341 | 3.05%
|
| $870,000 | 2034 | Serial | 3% | 98.767 | 3.09%
|
| $870,000 | 2035 | Serial | 3% | 98.293 | 3.12%
|
| $870,000 | 2036 | Serial | 3% | 97.791 | 3.15%
|
|
|
| $57.45 million series 2016C tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,375,000 | 2020 | Serial | 2% | 103.562 | 1.07%
|
| $3,465,000 | 2021 | Serial | 3% | 108.478 | 1.22%
|
| $3,595,000 | 2022 | Serial | 2% | 103.571 | 1.37%
|
| $4.2 million | 2023 | Serial | 4% | 116.021 | 1.55%
|
| $4,505,000 | 2024 | Serial | 4% | 116.898 | 1.71%
|
| $4,695,000 | 2025 | Serial | 5% | 125.796 | 1.85%
|
| $4,955,000 | 2026 | Serial | 5% | 127.082 | 1.98%
|
| $8,375,000 | 2027 | Serial | 5% | 128.171 | 2.10%
|
| $4.9 million | 2028 | Serial | 3% | 106.725 | 2.30%
|
| $5.06 million | 2029 | Serial | 3% | 104.947 | 2.48%
|
| $1,935,000 | 2030 | Serial | 3.25% | 105.559 | 2.66%
|
| $1,995,000 | 2031 | Serial | 3.25% | 104.303 | 2.79%
|
| $2.06 million | 2032 | Serial | 3.25% | 103.065 | 2.92%
|
| $2.13 million | 2033 | Serial | 3.25% | 102.593 | 2.97%
|
| $2,205,000 | 2034 | Serial | 3.25% | 102.124 | 3.02%
|
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