By Sheri Kasprzak
New York, June 1 - The County of Harford in Maryland sold $219.345 million in series 2010 consolidated public improvement and refunding bonds on Tuesday, according to a pricing sheet.
The bonds (Aaa/AA+/AAA) were sold competitively. J.P. Morgan Securities Inc. won the $91 million in series 2010A tax-exempt consolidated bonds. Morgan Keegan & Co. Inc. won the $102.575 million in series 2010B Build America Bonds. J.P. Morgan also won the $25.77 million in series 2010C refunding bonds.
The 2010A bonds are due 2011 to 2020 with coupons from 2.5% to 5%. The 2010B bonds are due 2021 to 2030 with coupons from 4.7% to 5.5%. The 2010C bonds are due 2011 to 2021 with coupons from 2.5% to 5%.
Proceeds from the offering will be used to fund capital improvements for water and sewer infrastructure, as well as for general county projects. The remainder will be used to refund existing debt.
| Issuer: | County of Harford
|
| Issue: | Series 2010 consolidated public improvement bonds
|
| Amount: | $219.345 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities Inc. (winner for 2010A and 2010C); Morgan Keegan & Co. Inc. (winner for 2010B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | June 1
|
| Settlement date: | June 16
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.5% | 102.233
|
| 2012 | Serial | 5% | 108.957
|
| 2013 | Serial | 5% | 112.241
|
| 2014 | Serial | 5% | 114.521
|
| 2015 | Serial | 5% | 116.194
|
| 2016 | Serial | 5% | 116.682
|
| 2017 | Serial | 5% | 117.175
|
| 2018 | Serial | 5% | 118.108
|
| 2019 | Serial | 5% | 118.341
|
| 2020 | Serial | 5% | 118.659
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2021 | Serial | 4.7% | NRO
|
| 2022 | Serial | 4.75% | NRO
|
| 2023 | Serial | 5% | NRO
|
| 2024 | Serial | 5.125% | 102.774
|
| 2025 | Serial | 5% | NRO
|
| 2026 | Serial | 5.375% | 102.875
|
| 2027 | Serial | 5.375% | 101.846
|
| 2028 | Serial | 5.3% | 99.882
|
| 2029 | Serial | 5.4% | 99.879
|
| 2030 | Serial | 5.5% | NRO
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.5% | 102.233
|
| 2012 | Serial | 5% | 108.957
|
| 2013 | Serial | 5% | 112.241
|
| 2014 | Serial | 5% | 114.521
|
| 2015 | Serial | 5% | 116.194
|
| 2016 | Serial | 5% | 116.682
|
| 2017 | Serial | 5% | 117.175
|
| 2018 | Serial | 5% | 118.108
|
| 2019 | Serial | 5% | 118.341
|
| 2020 | Serial | 5% | 118.659
|
| 2021 | Serial | 5% | 118.989
|
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