By Sheri Kasprzak
New York, July 16 - Maryland priced $415 million in series 2008 general obligation bonds with a 3.857473% true interest cost, said Patti Konrad, spokeswoman for the state treasurer's office.
The bonds were sold on a competitive basis with Banc of America Securities LLC as the winning bidder. The financial adviser was Public Financial Management.
The bonds are due from 2011 to 2023 with 5% coupons across the board. The yields, Konrad said, were not immediately available.
Proceeds will be used for the acquisition and construction of state facilities; capital grants to local governments for public schools, community colleges and jails; matching fund loans and grants to local governments, nonprofit institutions and other entities for hospital, cultural and other projects.
| Issuer: | Maryland
|
| Issue: | Series 2008 general obligation bonds
|
| Amount: | $415 million
|
| Type: | Competitive
|
| Underwriter: | Banc of America Securities LLC
|
| Maturities: | 2011 to 2023
|
| Coupon: | 5% (all maturities)
|
| True interest cost: | 3.857473%
|
| Pricing date: | July 16
|
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