Maryland Department of Housing to sell $60 million revenue bonds

By Sheri Kasprzak

New York, Nov. 13 - The Maryland Department of Housing and Community Development plans to price $60 million in series 2008 residential revenue bonds, according to a preliminary official statement.

The offering includes $32 million in series 2008E non-AMT bonds and $28 million in series 2008F non-AMT bonds.

The bonds (Aa2//AA) will be sold on a negotiated basis with Merrill Lynch & Co. as the lead manager. The co-managers are Goldman, Sachs & Co., Loop Capital Markets, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and RBC Capital Markets.

The 2008E bonds are due 2010 to 2017, and the 2008F bonds are due 2018, 2023, 2028 and 2038.

Proceeds will be used for a deposit to the department's program account, as well as to transfer funds to a drawdown indenture to be applied to the refunding.

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