By Sheri Kasprzak
New York, Oct. 21 - Maryland sold $200 million in series 2009 state and local facilities loan general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold on a competitive basis with J.P. Morgan Securities Inc. winning the $141.8 million series 2009A G.O. bonds and Barclays Capital Inc. winning the $58.2 million series 2009B Build America Bonds portion.
The state had intended to sell $603.37 million in series 2009C refunding bonds, but that portion of the sale was cancelled.
The true interest cost for the 2009A bonds came in at 2.85% and the TIC for the 2009B bonds came in at 4.68%.
The 2009A bonds are due 2012 to 2021 with 5% coupons across the board and the 2009B bonds are due 2022 to 2024 with 4.45% to 4.8% coupons.
Proceeds will be used to fund state and local facilities capital grants for local governments for public schools, community colleges and jails, as well as to refund existing debt.
| Issuer: | Maryland
|
| Issue: | Series 2009 state and local facilities loan general obligation bonds
|
| Amount: | $200 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities Inc. (winner for 2009A); Barclays Capital Inc. (winner for 2009B)
|
| TIC: | 2.85% (for 2009A); 4.68% (for 2009B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Oct. 21
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 5% | 111.708
|
| 2013 | Serial | 5% | 113.812
|
| 2014 | Serial | 5% | 114.858
|
| 2015 | Serial | 5% | 115.159
|
| 2016 | Serial | 5% | 115.673
|
| 2017 | Serial | 5% | 116.048
|
| 2018 | Serial | 5% | 116.435
|
| 2019 | Serial | 5% | 116.877
|
| 2020 | Serial | 5% | NRO
|
| 2021 | Serial | 5% | NRO
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Price
|
| 2022 | Serial | 4.45% | 99.511
|
| 2023 | Serial | 4.6% | 99.489
|
| 2024 | Serial | 4.8% | 100.000
|
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