Published on 8/1/2012 in the Prospect News Municipals Daily.
New Issue: Maryland prices $727.03 million of G.O. loan bonds in five tranches
By Sheri Kasprzak
New York, Aug. 1 - The State of Maryland sold $727,025,000 of series 2012 general obligation state and local facilities loan bonds, according to a pricing sheet.
The offering included $26.34 million of series 2012A bonds, $478.66 million of series 2012B bonds, $23 million of series 2012C taxable bonds, $15.23 million of series 2012D taxable bonds and $183,795,000 of series 2012E refunding bonds.
The 2012A bonds are due 2015 to 2027 with 2% to 5% coupons. The 2012B bonds are due 2015 to 2027 with 2.25% to 5% coupons. The 2012C bonds are due Aug. 1, 2015 with a 0.4% coupon priced at par. The 2012D bonds are due Aug. 1, 2027 with a 2.8% coupon priced at 100.609. The 2012E bonds are due 2018 to 2020 with 4.5% coupons.
The bonds (Aaa/AAA/AAA) were sold through Citigroup Global Markets Inc. The co-managers were Bank of America Merrill Lynch, J.P. Morgan Securities LLC, M&T Securities, Inc., Siebert Brandford Shank & Co., LLC, Barclays Capital Inc., Goldman, Sachs & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan and RBC Capital Markets Corp.
Proceeds will be used for public purposes, including the acquisition and construction of state facilities; for capital grants to local governments; to match loans and grants to local governments, nonprofit institutions and other entities; for capital grants to local education agencies for public school renovations; and to purchase federal securities for the advance refunding of outstanding general obligation bonds.
Issuer: | State of Maryland
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Issue: | Series 2012 general obligation state and local facilities loan bonds
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Amount: | $727,025,000
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets Inc. (lead), Bank of America Merrill Lynch, J.P. Morgan Securities LLC, M&T Securities, Inc., Siebert Brandford Shank & Co., LLC, Barclays Capital Inc., Goldman, Sachs & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan and RBC Capital Markets Corp. (co-managers)
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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| Fitch: AAA
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Pricing date: | Aug. 1
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Settlement date: | Aug. 14
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$26.34 million series 2012A bonds
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Amount | Maturity | Type | Coupon | Price
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$1,875,000 | 2015 | Serial | 2% | 104.769
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$1.08 million | 2015 | Serial | 3% | 107.714
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$2,315,000 | 2015 | Serial | 4% | 110.658
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$2.05 million | 2016 | Serial | 3% | 109.882
|
$575,000 | 2016 | Serial | 4% | 113.804
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$1.4 million | 2017 | Serial | 3% | 111.46
|
$525,000 | 2017 | Serial | 4% | 116.337
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$345,000 | 2017 | Serial | 5% | 121.214
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$2,405,000 | 2018 | Serial | 3% | 112.29
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$145,000 | 2018 | Serial | 4% | 118.088
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$15,000 | 2018 | Serial | 5% | 123.886
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$300,000 | 2019 | Serial | 3% | 112.631
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$160,000 | 2020 | Serial | 3% | 112.579
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$575,000 | 2020 | Serial | 4% | 120.112
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$300,000 | 2020 | Serial | 5% | 127.645
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$20,000 | 2021 | Serial | 3% | 111.061
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$50,000 | 2021 | Serial | 4% | 118.535
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$110,000 | 2022 | Serial | 3% | 110.114
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$65,000 | 2022 | Serial | 4% | 117.551
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$115,000 | 2022 | Serial | 5% | 124.988
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$490,000 | 2023 | Serial | 3% | 109.098
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$30,000 | 2023 | Serial | 5% | 123.893
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$120,000 | 2024 | Serial | 3% | 108.324
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$50,000 | 2024 | Serial | 5% | 123.059
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$70,000 | 2025 | Serial | 3% | 107.556
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$100,000 | 2025 | Serial | 5% | 122.231
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$10,000 | 2026 | Serial | 3% | 106.871
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$1,755,000 | 2026 | Serial | 5% | 121.491
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$470,000 | 2027 | Serial | 3% | 106.265
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$175,000 | 2027 | Serial | 4% | 113.552
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$8,645,000 | 2027 | Serial | 5% | 120.838
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|
$478.66 million series 2012B bonds
|
Amount | Maturity | Type | Coupon | Price
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$3.65 million | 2015 | Serial | 5% | 113.762
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$30,355,000 | 2016 | Serial | 5% | 117.942
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$32.36 million | 2017 | Serial | 5% | 121.214
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$33,795,000 | 2018 | Serial | 5% | 123.886
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$37.9 million | 2019 | Serial | 5% | 125.922
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$39,115,000 | 2020 | Serial | 5% | 127.558
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$41.92 million | 2021 | Serial | 5% | 126.18
|
$43.41 million | 2022 | Serial | 4% | 116.576
|
$44,735,000 | 2023 | Serial | 2.25% | 100
|
$46.7 million | 2024 | Serial | 2.5% | 100
|
$48,615,000 | 2025 | Serial | 4% | 112.849
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$48.77 million | 2026 | Serial | 4% | 112.151
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$27,335,000 | 2027 | Serial | 3% | 101.132
|
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$23 million series 2012C taxable bonds
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Maturity | Type | Coupon | Price
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Aug. 1, 2015 | Term | 0.4% | 100
|
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$15.23 million series 2012D taxable bonds
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Amount | Maturity | Type | Coupon | Price
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$15.23 million | Aug. 1, 2027 | Term | 2.8% | 100.609
|
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$183,795,000 series 2012E refunding bonds
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Amount | Maturity | Type | Coupon | Price
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$55,465,000 | 2018 | Serial | 4.5% | 121.116
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$22,905,000 | 2019 | Serial | 4.5% | 122.357
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$105,425,000 | 2020 | Serial | 4.5% | 123.538
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