Published on 3/7/2012 in the Prospect News Municipals Daily.
New Issue: Maryland sells $737.34 million state and local facilities loan bonds
By Sheri Kasprzak
New York, March 7 - The State of Maryland priced $737.34 million of series 2012 state and local facilities loan general obligation bonds (Aaa/AAA/AAA), according to a pricing sheet.
The deal included $57,085,000 of series 2012A tax-exempt bonds, $543,915,000 of series 2012B tax-exempt bonds and $136.34 million of series 2012C tax-exempt refunding bonds.
The 2012A bonds are due 2015 to 2027 with 1.25% to 5% coupons. The 2012B bonds are due 2015 to 2027 with coupons from 3% to 5%. The 2012C bonds are due 2016, 2018, 2021 and 2022. The 2016 bonds have a 4% coupon priced at 114.845, the 2018 bonds have a 4% coupon priced at 117.948, the 2021 bonds have a 4% coupon priced at 117.72 and the 2022 bonds have a 4% coupon priced at 117.466.
The series 2012A bonds were priced on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers were Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; M&T Securities Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; Goldman Sachs & Co.; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; and RBC Capital Markets LLC.
The 2012B and 2012C bonds were sold competitively with Bank of America Merrill Lynch winning both of the bonds.
Proceeds will be used to make a deposit to the state's state and local facilities loan account to be expended as projects arise.
| Issuer: | State of Maryland
|
| Issue: | Series 2012 state and local facilities loan general obligation bonds
|
| Amount: | $737.34 million
|
| Type: | Negotiated and competitive
|
| Underwriters: | Bank of America Merrill Lynch (lead for 2012A, winner for 2012B and 2012C); Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; M&T Securities Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; Goldman Sachs & Co.; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; and RBC Capital Markets LLC (co-managers for 2012A)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 7
|
| Settlement date: | March 20
|
|
|
| $57,085,000 series 2012A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.19 million | 2015 | Serial | 2% | 104.775
|
| $1.54 million | 2015 | Serial | 3% | 107.741
|
| $800,000 | 2015 | Serial | 4% | 110.706
|
| $4.32 million | 2016 | Serial | 2% | 105.871
|
| $1,065,000 | 2016 | Serial | 4% | 113.753
|
| $1.08 million | 2016 | Serial | 5% | 117.694
|
| $1.05 million | 2017 | Serial | 2% | 106.409
|
| $570,000 | 2017 | Serial | 4% | 116.195
|
| $140,000 | 2017 | Serial | 5% | 121.088
|
| $560,000 | 2018 | Serial | 2% | 105.856
|
| $1.25 million | 2018 | Serial | 4% | 117.452
|
| $80,000 | 2018 | Serial | 5% | 123.25
|
| $2.78 million | 2019 | Serial | 1.25% | 99.933
|
| $4,585,000 | 2019 | Serial | 4% | 118.268
|
| $20,000 | 2019 | Serial | 5% | 124.935
|
| $925,000 | 2020 | Serial | 1.5% | 99.775
|
| $3,765,000 | 2020 | Serial | 4% | 118.501
|
| $90,000 | 2020 | Serial | 5% | 125.992
|
| $435,000 | 2021 | Serial | 2% | NRO
|
| $3.85 million | 2021 | Serial | 4% | NRO
|
| $110,000 | 2021 | Serial | 5% | NRO
|
| $570,000 | 2022 | Serial | 2.25% | NRO
|
| $4,725,000 | 2022 | Serial | 4% | NRO
|
| $900,000 | 2023 | Serial | 2% | 99.803
|
| $150,000 | 2023 | Serial | 5% | NRO
|
| $1,295,000 | 2024 | Serial | 3% | NRO
|
| $1.01 million | 2024 | Serial | 5% | NRO
|
| $1,025,000 | 2025 | Serial | 2.125% | 98.933
|
| $2.55 million | 2025 | Serial | 5% | NRO
|
| $150,000 | 2026 | Serial | 3% | NRO
|
| $1,595,000 | 2026 | Serial | 5% | NRO
|
| $1.44 million | 2027 | Serial | 2.375% | 99.686
|
| $5.47 million | 2027 | Serial | 5% | NRO
|
|
|
| $543,915,000 series 2012B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $27,215,000 | 2015 | Serial | 5% | 113.416
|
| $30.3 million | 2016 | Serial | 5% | 117.391
|
| $36.4 million | 2017 | Serial | 5% | 120.652
|
| $37.78 million | 2018 | Serial | 5% | 122.598
|
| $34,235,000 | 2019 | Serial | 5% | 123.654
|
| $38.77 million | 2020 | Serial | 5% | 124.461
|
| $41,265,000 | 2021 | Serial | 4% | 115.252
|
| $42,595,000 | 2022 | Serial | 4% | 113.744
|
| $49,175,000 | 2023 | Serial | 3% | 104.262
|
| $49.42 million | 2024 | Serial | 4% | 110.34
|
| $50.71 million | 2025 | Serial | 4% | 109.508
|
| $54.21 million | 2026 | Serial | 3% | 100
|
| $51.84 million | 2027 | Serial | 3% | 99.401
|
|
|
| $136.34 million series 2012C tax-exempt refunding bonds
|
| $34,315,000 | 2016 | Term | 4% | 114.845
|
| $24,465,000 | 2018 | Term | 4% | 117.948
|
| $37,835,000 | 2021 | Term | 4% | 117.72
|
| $39,725,000 | 2022 | Term | 4% | 117.466
|
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