Published on 7/24/2013 in the Prospect News Municipals Daily.
New Issue: Maryland prices $475 million state and local facilities loan G.O. bonds
By Sheri Kasprzak
New York, July 24 - The State of Maryland sold $475 million of series 2013 state and local facilities loan of 2013 general obligation bonds, according to a pricing sheet.
The deal includes $435 million of series 2013A tax-exempt bonds and $40 million of series 2013B taxable bonds.
The 2013A bonds are due 2017 to 2028 with 4% to 5% coupons and 1.04% to 3.81% yields.
The 2013B bonds are due 2016 to 2017. The 2016 bonds have a 0.95% coupon priced at par and the 2017 bonds have a 1.4% coupon with a 1.48% yield.
The bonds (Aaa/AAA/AAA) were sold competitively. J.P. Morgan Securities LLC won the series 2013A bonds at a 3.115% true interest cost and Jefferies & Co. LLC winning the series 2013B bonds at a 1.176% true interest cost.
Proceeds will be used to finance capital facilities, as well as to finance capital grants to local governments for public schools, community colleges and jails.
| Issuer: | State of Maryland
|
| Issue: | Series 2013 state and local facilities loan of 2013 general obligation bonds
|
| Amount: | $475 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (winner for 2013A), Jefferies & Co. LLC (winner for 2013B)
|
| True interest cost: | 3.115% (for 2013A), 1.176% (for 2013B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 6
|
|
|
| $435 million series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $16,295,000 | 2017 | Serial | 5% | 115.422 | 1.04%
|
| $29,675,000 | 2018 | Serial | 5% | 117.701 | 1.32%
|
| $31,195,000 | 2019 | Serial | 5% | 119.208 | 1.62%
|
| $32,795,000 | 2020 | Serial | 5% | 119.685 | 1.97%
|
| $34,475,000 | 2021 | Serial | 5% | 119.273 | 2.34%
|
| $36,245,000 | 2022 | Serial | 5% | 117.206 | 2.60%
|
| $38,105,000 | 2023 | Serial | 5% | 116.033 | 2.75%
|
| $39,855,000 | 2024 | Serial | 5% | 114.644 | 2.93%
|
| $41.48 million | 2025 | Serial | 4% | 104.735 | 3.32%
|
| $43,175,000 | 2026 | Serial | 4% | 103.527 | 3.49%
|
| $44,935,000 | 2027 | Serial | 4% | 102.335 | 3.66%
|
| $46.77 million | 2028 | Serial | 4% | 101.297 | 3.81%
|
|
|
| $40 million series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $27,845,000 | 2016 | Serial | 0.95% | 100 | 0.95%
|
| $12,155,000 | 2017 | Serial | 1.4% | 99.691 | 1.48%
|
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