Published on 8/15/2012 in the Prospect News Municipals Daily.
New Issue: Maryland Department of Housing and Community Development sells $89.45 million bonds
By Sheri Kasprzak
New York, Aug. 15 - The Maryland Department of Housing and Community Development brought to market $89.45 million of series 2012 residential revenue bonds, according to a preliminary official statement.
The deal included $44.45 million of series 2012A taxable bonds (Aa2//AA) and $45 million of series 2012B taxable variable-rate bonds (Aa2/VMIG1//AA/F1+).
The bonds were sold on a negotiated basis. Bank of America Merrill Lynch was the senior manager for the 2012A bonds. BNY Mellon Capital Markets LLC was the sole underwriter for the 2012B bonds. The co-managers for the 2012A bonds were J.P. Morgan Securities LLC, RBC Capital Markets LLC, Loop Capital Markets LLC, M&T Securities Inc. and Morgan Stanley & Co. LLC.
The 2012A bonds are due 2013 to 2021 with a term bond due in 2025. The serial coupons range from 0.337% to 3.108%, all priced at par. The 2025 bonds have a 4% coupon priced at 104.483.
The 2012B bonds are due Sept. 1, 2033 and bear interest at the weekly rate.
Proceeds will be used to finance or refinance any loan, project, facility, undertaking or purpose the department is designated to undertake.
| Issuer: | Maryland Department of Housing and Community Development
|
| Issue: | Series 2012 residential revenue bonds
|
| Amount: | $89.45 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead for 2012A), J.P. Morgan Securities LLC, RBC Capital Markets LLC, Loop Capital Markets LLC, M&T Securities Inc. and Morgan Stanley & Co. LLC (co-managers for 2012A), BNY Mellon Capital Markets LLC (sole for 2012B)
|
| Ratings: | Moody's: Aa2 (for 2012A), Aa2/VMIG 1 (for 2012B)
|
| Fitch: AA (for 2012A), AA/F1+ (for 2012B)
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 23
|
|
|
| $44.45 million series 2012A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.5 million | 2013 | Serial | 0.337% | 100
|
| $1.51 million | 2013 | Serial | 0.477% | 100
|
| $1.52 million | 2014 | Serial | 0.623% | 100
|
| $1.53 million | 2014 | Serial | 0.741% | 100
|
| $1,545,000 | 2015 | Serial | 1.136% | 100
|
| $1.56 million | 2015 | Serial | 1.244% | 100
|
| $1.58 million | 2016 | Serial | 1.373% | 100
|
| $1,595,000 | 2016 | Serial | 1.57% | 100
|
| $1,615,000 | 2017 | Serial | 1.773% | 100
|
| $1,635,000 | 2017 | Serial | 2.014% | 100
|
| $1,655,000 | 2018 | Serial | 2.262% | 100
|
| $1.68 million | 2018 | Serial | 2.362% | 100
|
| $1.7 million | 2019 | Serial | 2.492% | 100
|
| $1.73 million | 2019 | Serial | 2.662% | 100
|
| $1.76 million | 2020 | Serial | 3.008% | 100
|
| $1,785,000 | 2020 | Serial | 3.078% | 100
|
| $1,815,000 | 2021 | Serial | 3.078% | 100
|
| $1,275,000 | 2021 | Serial | 3.108% | 100
|
| $15.46 million | 2025 | Term | 4% | 104.483
|
|
|
| $45 million series 2012B taxable variable-rate bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 1, 2033 | Term | Weekly | 100
|
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