By Sheri Kasprzak
New York, April 10 - Anne Arundel County of Maryland priced $87.2 million in general obligation bonds (Aa1/AAA/AA+), a final official statement released Thursday said.
The offering includes $55.2 million in series 2008 consolidated general improvements bonds and $32 million in series 2008 consolidated water and sewer bonds.
The consolidated general improvements bonds are due from 2009 to 2028 with coupons from 3.5% to 5% and yields ranging from 1.87% to 4.68%.
The water and sewer bonds are due from 2009 to 2030 with term bonds due 2033 and 2036. The serial bonds have coupons from 3.5% to 5% with yields from 1.87% to 4.8%. The 2033 bonds have a 4.625% coupon and a 4.85% yield, and the 2036 bonds have a 4.7% coupon and a 4.87% yield.
The bonds were sold on a competitive basis with UBS Securities winning the bid with a 4.231321% true interest cost. The other bidders were Prager, Sealy & Co., Harris NA, Davenport & Co., Banc of America Securities LLC, Merrill Lynch, Citigroup Global Markets and BB&T Capital Markets, said Karla Hamner with the county's public information office.
Proceeds will be used to repay the county's bond anticipation notes and make general improvements and water and sewer improvements.
| Issuer: | Anne Arundel County, Md.
|
| Issue: | Series 2008 general obligation bonds
|
| Amount: | $87.2 million
|
| Type: | Competitive
|
| Underwriter: | UBS Securities
|
| True interest cost: | 4.231321%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | April 3
|
|
|
| General improvement bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 1.87%
|
| 2010 | Serial | 5% | 2.38%
|
| 2011 | Serial | 3.5% | 2.55%
|
| 2012 | Serial | 3.5% | 2.81%
|
| 2013 | Serial | 5% | 3.05%
|
| 2014 | Serial | 3.5% | 3.15%
|
| 2015 | Serial | 3.5% | 3.31%
|
| 2016 | Serial | 5% | 3.47%
|
| 2017 | Serial | 5% | 3.63%
|
| 2018 | Serial | 5% | 3.79%
|
| 2019 | Serial | 4% | 3.93%
|
| 2020 | Serial | 4% | 3.96%
|
| 2021 | Serial | 4% | 4.20%
|
| 2022 | Serial | 4.25% | 4.208%
|
| 2023 | Serial | 5% | 4.33%
|
| 2024 | Serial | 4.375% | 4.31%
|
| 2025 | Serial | 5% | 4.49%
|
| 2026 | Serial | 5% | 4.57%
|
| 2027 | Serial | 5% | 4.65%
|
| 2028 | Serial | 5% | 4.68%
|
|
|
| Water and sewer bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 1.87%
|
| 2010 | Serial | 5% | 2.38%
|
| 2011 | Serial | 3.5% | 2.55%
|
| 2012 | Serial | 3.5% | 2.81%
|
| 2013 | Serial | 5% | 3.05%
|
| 2014 | Serial | 3.5% | 3.15%
|
| 2015 | Serial | 3.5% | 3.31%
|
| 2016 | Serial | 5% | 3.47%
|
| 2017 | Serial | 5% | 3.63%
|
| 2018 | Serial | 5% | 3.79%
|
| 2019 | Serial | 4% | 3.93%
|
| 2020 | Serial | 4% | 3.96%
|
| 2021 | Serial | 4% | 4.20%
|
| 2022 | Serial | 4.25% | 4.208%
|
| 2023 | Serial | 5% | 4.33%
|
| 2024 | Serial | 4.375% | 4.31%
|
| 2025 | Serial | 5% | 4.49%
|
| 2026 | Serial | 5% | 4.57%
|
| 2027 | Serial | 5% | 4.65%
|
| 2028 | Serial | 5% | 4.68%
|
| 2029 | Serial | 4.5% | 4.78%
|
| 2030 | Serial | 4.625% | 4.80%
|
| 2033 | Term | 4.625% | 4.85%
|
| 2036 | Term | 4.7% | 4.87%
|
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