By Sheri Kasprzak
New York, March 9 - The State of Maryland came to market Wednesday with $685 million of series 2011 general obligation bonds, according to a pricing sheet. The offering was upsized from $485 million.
The deal included $130.77 million of first series A tax-exempt bonds and $554.23 million of first series B bonds.
The first series A bonds were sold on a negotiated basis with Siebert Brandford Shank & Co. LLC as the senior manager. The co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., M&T Securities Inc., RBC Capital Markets LLC, Barclays Capital Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC and Morgan Keegan & Co.
The first series A bonds are due 2014 to 2026 with coupons from 2% to 5%.
The first series B bonds were priced competitively with Bank of America Merrill Lynch winning the bid.
Proceeds will be used to fund capital projects, capital grants for local governments and matching fund loans and grants for local governments, nonprofits, hospitals and other entities.
| Issuer: | State of Maryland
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $685 million, increased from $485 million
|
| Type: | Negotiated/Competitive
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead for first series A); Bank of America Merrill Lynch; Citigroup Global Markets Inc.; M&T Securities Inc.; RBC Capital Markets LLC; Barclays Capital Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets LLC; and Morgan Keegan & Co. (co-managers); Bank of America Merrill Lynch (winner for first series B)
|
| Pricing date: | March 9
|
| Settlement date: | March 22
|
|
|
| $130.77 million first series A
|
| Amount | Maturity | Type | Coupon | Price
|
| $10.895 million | 2014 | Serial | 2% | 102.75
|
| $7.005 million | 2014 | Serial | 3% | 105.676
|
| $9.59 million | 2015 | Serial | 2.25% | 102.848
|
| $19.28 million | 2015 | Serial | 3% | 105.735
|
| $9.52 million | 2016 | Serial | 2.25% | 102.326
|
| $1.575 million | 2016 | Serial | 3% | 105.887
|
| $7.41 million | 2016 | Serial | 3.5% | 108.262
|
| $5.965 million | 2017 | Serial | 2.5% | 102.634
|
| $3.25 million | 2017 | Serial | 5% | 116.646
|
| $7.375 million | 2018 | Serial | 2.75% | 102.821
|
| $4.35 million | 2018 | Serial | 3% | 104.424
|
| $4.98 million | 2018 | Serial | 3.5% | 107.63
|
| $605,000 | 2019 | Serial | 3.5% | 106.82
|
| $4.59 million | 2019 | Serial | 5% | 117.589
|
| $930,000 | 2020 | Serial | 3.5% | 105.121
|
| $2.09 million | 2020 | Serial | 4% | 108.677
|
| $4.705 million | 2021 | Serial | 3.5% | 103.524
|
| $1.985 million | 2021 | Serial | 4% | 107.049
|
| $4.235 million | 2022 | Serial | 3.2% | 99.815
|
| $1.84 million | 2022 | Serial | 4% | 105.45
|
| $2.575 million | 2023 | Serial | 3.4% | 100
|
| $430,000 | 2023 | Serial | 4.25% | 105.896
|
| $1.665 million | 2024 | Serial | 3.5% | 99.174
|
| $810,000 | 2024 | Serial | 4.25% | 104.614
|
| $380,000 | 2025 | Serial | 3.7% | 99.674
|
| $1.255 million | 2025 | Serial | 4.5% | 105.271
|
| $5.145 million | 2026 | Serial | 3.75% | 98.868
|
| $6.335 million | 2026 | Serial | 4.5% | 104.429
|
|
|
| $554.23 million first series B
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.94 million | 2014 | Serial | 5% | 111.623
|
| $1.875 million | 2015 | Serial | 3% | 105.854
|
| $213.11 million | 2016 | Serial | 5% | 115.178
|
| $23.445 million | 2017 | Serial | 5% | 116.83
|
| $17.205 million | 2018 | Serial | 5% | 117.461
|
| $29.91 million | 2019 | Serial | 5% | 117.826
|
| $33.53 million | 2020 | Serial | 5% | 116.023
|
| $31.32 million | 2021 | Serial | 3% | 99.146
|
| $33.585 million | 2022 | Serial | 5% | 112.438
|
| $38.375 million | 2023 | Serial | 3.5% | 100
|
| $40.74 million | 2024 | Serial | 4.5% | 105.271
|
| $43.505 million | 2025 | Serial | 4% | 100
|
| $35.69 million | 2026 | Serial | 4.5% | 103.386
|
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