By Sheri Kasprzak
New York, Jan. 5 - Frederick County in Maryland priced $149.82 million in series 2010 consolidated public improvement bonds on Tuesday, said John Kroll, the county's director of finance.
The sale included $59.705 million in series 2010A tax-exempt bonds and $90.115 million in series 2010B Build America Bonds. The county pulled its planned $38.91 million series 2010C refunding bonds, Kroll said.
The bonds (Aa2) were sold competitively with Citigroup Global Markets Inc. as the winning bidder.
The true interest cost for the 2010A bonds came in at 2.427392% and the TIC for the 2010B bonds came in at 5.531465%.
Davenport & Co. LLC was the financial adviser.
The 2010A bonds are due 2011 to 2020 with coupons from 2% to 5%. The 2010B bonds are due 2021 to 2030 with coupons from 4.9% to 5.85%, all priced at par.
Proceeds will be used to fund capital improvements.
| Issuer: | Frederick County, Md.
|
| Issue: | Series 2010 consolidated public improvement bonds
|
| Amount: | $149.82 million
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody's: Aa2
|
| Pricing date: | Jan. 5
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.74
|
| 2012 | Serial | 2% | 102.737
|
| 2013 | Serial | 2% | 103.293
|
| 2014 | Serial | 4% | 110.94
|
| 2015 | Serial | 4% | 111.365
|
| 2016 | Serial | 4% | 110.502
|
| 2017 | Serial | 4% | 109.932
|
| 2018 | Serial | 4% | 109.236
|
| 2019 | Serial | 5% | 115.693
|
| 2020 | Serial | 5% | 115.875
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2021 | Serial | 4.9% | 100.00
|
| 2022 | Serial | 5% | 100.00
|
| 2023 | Serial | 5.25% | 100.00
|
| 2024 | Serial | 5.3% | 100.00
|
| 2025 | Serial | 5.5% | 100.00
|
| 2026 | Serial | 5.6% | 100.00
|
| 2027 | Serial | 5.7% | 100.00
|
| 2028 | Serial | 5.8% | 100.00
|
| 2029 | Serial | 5.9% | 100.00
|
| 2030 | Serial | 5.85% | 100.00
|
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