Published on 3/6/2013 in the Prospect News Municipals Daily.
New Issue: Maryland brings $665.14 million of 2013 G.O. bonds in two tranches
By Sheri Kasprzak
New York, March 6 - The State of Maryland sold $665,135,000 of series 2013 general obligation bonds, according to a pricing sheet.
The deal included $500 million of series 2013 first series A tax-exempt G.O. bonds and $165,135,000 of series 2013 first series B tax-exempt G.O. refunding bonds
The 2013A bonds are due 2016 to 2028 with 3% to 5% coupons.
The 2013B bonds are due 2017 to 2021 with 4.5% coupons.
The bonds (Aaa/AAA/AAA) were sold competitively. Citigroup Global Markets Inc. won the 2013A bonds at a 2.33% true interest cost and J.P. Morgan Securities LLC won the 2013B bonds at a 1.087% true interest cost.
Proceeds will be used to finance the acquisition and construction of state facilities, make capital grants to local governments for public schools, community colleges and jail and correctional facilities and make matching fund loans and grants to local governments, nonprofit institutions and other entities for hospitals, cultural projects and other projects, as well as to refund existing G.O. debt.
| Issuer: | State of Maryland
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $665,135,000
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (for 2013A), J.P. Morgan Securities LLC (for 2013B)
|
| True interest cost: | 2.33% (for 2013A), 1.087% (for 2013B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 6
|
| Settlement date: | March 15
|
|
|
| $500 million series 2013 first series A tax-exempt G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $28,415,000 | 2016 | Serial | 5% | 113.431
|
| $29,835,000 | 2017 | Serial | 5% | 117.369
|
| $31,325,000 | 2018 | Serial | 5% | 120.604
|
| $32.89 million | 2019 | Serial | 5% | 122.961
|
| $34,535,000 | 2020 | Serial | 5% | 124.699
|
| $36,265,000 | 2021 | Serial | 5% | 126.257
|
| $38,075,000 | 2022 | Serial | 5% | 124.557
|
| $39.98 million | 2023 | Serial | 5% | 123.051
|
| $41.98 million | 2024 | Serial | 5% | 122.223
|
| $44.08 million | 2025 | Serial | 4% | 112.456
|
| $45.84 million | 2026 | Serial | 4% | 111.684
|
| $47,675,000 | 2027 | Serial | 3% | 100.918
|
| $49,105,000 | 2028 | Serial | 3% | 100.351
|
|
|
| $165,135,000 series 2013 first series B tax-exempt G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $56.3 million | 2017 | Serial | 4.5% | 116.967
|
| $5,005,000 | 2018 | Serial | 4.5% | 119.436
|
| $66,135,000 | 2019 | Serial | 4.5% | 121.296
|
| $4,215,000 | 2020 | Serial | 4.5% | 122.677
|
| $33.48 million | 2021 | Serial | 4.5% | 123.8
|
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