Published on 3/5/2014 in the Prospect News Municipals Daily.
New Issue: Maryland prices $736.86 million of state and local facilities G.O. debt
By Sheri Kasprzak
New York, March 5 - The State of Maryland priced $736,855,000 of series 2014 state and local facilities loan general obligation bonds, according to a pricing sheet.
The offering included $450 million of first series 2014A tax-exempt bonds, $50 million of first series 2014B taxable bonds and $236,855,000 of first series 2014C tax-exempt refunding bonds.
The 2014A bonds are due 2018 to 2029 with 3% to 5% coupons with 0.71% to 3.23% yields.
The 2014B bonds are due 2017 to 2018 with 0.7% to 1% coupons all priced at par.
The 2014C bonds are due 2014 to 2015 and 2018 to 2021 with coupons from 3% to 5%.
The bonds (Aaa/AAA/AAA) were sold competitively. BofA Merrill Lynch won the bid for the series 2014A bonds at a 2.84% true interest cost and Citigroup Global Markets Inc. won the 2014B bonds at a 0.91% TIC. J.P. Morgan Securities LLC took the series 2014C bonds at a 1.24% TIC.
Proceeds will be used to finance a variety of state capital projects, including school and highway project, as well as loans to state and local governmental facilities.
| Issuer: | State of Maryland
|
| Issue: | Series 2014 state and local facilities loan general obligation bonds
|
| Amount: | $736,855,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner for 2014A), Citigroup Global Markets Inc. (winner for 2014B), J.P. Morgan Securities LLC (winner for 2014C)
|
| True interest cost: | 2.84% (for 2014A), 0.91% (for 2014B), 1.24% (for 2014C)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 5
|
| Settlement date: | March 16
|
|
|
| $450 million first series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12,145,000 | 2018 | Serial | 5% | 116.692 | 0.71%
|
| $32,135,000 | 2019 | Serial | 5% | 119.227 | 1.01%
|
| $33.74 million | 2020 | Serial | 5% | 120.365 | 1.42%
|
| $35.43 million | 2021 | Serial | 5% | 121.042 | 1.77%
|
| $37.2 million | 2022 | Serial | 5% | 121.381 | 2.07%
|
| $39.06 million | 2023 | Serial | 5% | 119.68 | 2.28%
|
| $40.23 million | 2024 | Serial | 5% | 118.561 | 2.42%
|
| $41.44 million | 2025 | Serial | 4% | 109.172 | 2.71%
|
| $42.68 million | 2026 | Serial | 3% | 100 | 3.00%
|
| $43,965,000 | 2027 | Serial | 4% | 106.954 | 3.01%
|
| $45.28 million | 2028 | Serial | 4% | 106.154 | 3.12%
|
| $46,695,000 | 2029 | Serial | 4% | 105.361 | 3.23%
|
|
|
| $50 million first series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $30.91 million | 2017 | Serial | 0.70% | 100 | 0.70%
|
| $19.09 million | 2018 | Serial | 1% | 100 | 1.00%
|
|
|
| $236,855,000 first series 2014C tax-exempt refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.67 million | 2014 | Serial | 3% | 101.074
|
| $18.83 million | 2015 | Serial | 5% | 106.632
|
| $30.58 million | 2018 | Serial | 5% | 118.234
|
| $83.41 million | 2019 | Serial | 5% | 120.568
|
| $68,925,000 | 2020 | Serial | 5% | 121.522
|
| $15.44 million | 2021 | Serial | 5% | 121.99
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
