Published on 3/20/2012 in the Prospect News Municipals Daily.
New Issue: Howard County, Md., prices $57.34 million of G.O. bonds
By Sheri Kasprzak
New York, March 20 - Howard County, Md., sold $57.34 million of series 2012 general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold competitively with Citigroup Global Markets Inc. winning the bid with a 3.308224% true interest cost.
The deal includes $37.37 million of series 2012A consolidated public improvement bonds and $19.97 million of series 2012A metropolitan district bonds.
The 2012A consolidated public improvement bonds are due 2013 to 2032 with 2% to 4% coupons. The 2012A metropolitan district bonds are due 2013 to 2029 with term bonds due in 2032 and 2037. The serial coupons range from 3% to 4%. The 2032 bonds have a 4% coupon priced at 104.187, and the 2037 bonds have a 4% coupon priced at par.
Proceeds will be used to pay or reimburse the county for the payment of costs related to certain projects.
| Issuer: | Howard County, Md.
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $57.34 million
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc. (winner)
|
| TIC: | 3.308224%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 20
|
| Settlement date: | April 11
|
|
|
| $37.37 million series 2012A consolidated public improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,505,000 | 2013 | Serial | 2% | 101.475
|
| $1.31 million | 2014 | Serial | 3% | 104.678
|
| $1.35 million | 2015 | Serial | 4% | 109.574
|
| $1,405,000 | 2016 | Serial | 4% | 111.888
|
| $1.46 million | 2017 | Serial | 4% | 113.897
|
| $1.52 million | 2018 | Serial | 4% | 114.238
|
| $1.58 million | 2019 | Serial | 4% | 114.452
|
| $1.64 million | 2020 | Serial | 4% | 114.061
|
| $1.71 million | 2021 | Serial | 4% | 113.532
|
| $1,775,000 | 2022 | Serial | 4% | 113.015
|
| $1,845,000 | 2023 | Serial | 4% | 112.148
|
| $1.92 million | 2024 | Serial | 4% | 111.488
|
| $2 million | 2025 | Serial | 4% | 110.929
|
| $2,075,000 | 2026 | Serial | 4% | 110.421
|
| $2.16 million | 2027 | Serial | 4% | 110.013
|
| $2,245,000 | 2028 | Serial | 4% | 109.617
|
| $2,335,000 | 2029 | Serial | 3.25% | 100
|
| $2,415,000 | 2030 | Serial | 4% | 108.815
|
| $2.51 million | 2031 | Serial | 4% | 108.44
|
| $2.61 million | 2032 | Serial | 4% | 107.852
|
|
|
| $19.97 million series 2012A metropolitan district bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $635,000 | 2013 | Serial | 3% | 102.318
|
| $545,000 | 2014 | Serial | 3% | 104.678
|
| $560,000 | 2015 | Serial | 4% | 109.574
|
| $585,000 | 2016 | Serial | 3% | 108.114
|
| $600,000 | 2017 | Serial | 3% | 109.186
|
| $620,000 | 2018 | Serial | 3% | 108.654
|
| $640,000 | 2019 | Serial | 3% | 108.028
|
| $660,000 | 2020 | Serial | 3% | 106.849
|
| $675,000 | 2021 | Serial | 3% | 105.571
|
| $700,000 | 2022 | Serial | 3% | 104.337
|
| $720,000 | 2023 | Serial | 3% | 102.328
|
| $740,000 | 2024 | Serial | 3% | 100
|
| $765,000 | 2025 | Serial | 3% | 98.944
|
| $785,000 | 2026 | Serial | 3.125% | 98.612
|
| $810,000 | 2027 | Serial | 3.25% | 98.834
|
| $835,000 | 2028 | Serial | 3.375% | 99.087
|
| $865,000 | 2029 | Serial | 3.375% | 98.541
|
| $2.79 million | 2032 | Term | 4% | 104.187
|
| $5.44 million | 2037 | Term | 4% | 100
|
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