Published on 2/5/2014 in the Prospect News Municipals Daily.
New Issue: Maryland Housing and Community Development sells $93.08 million of debt
By Sheri Kasprzak
New York, Feb. 5 - The Maryland Department of Housing and Community Development sold $93.08 million of series 2014 residential revenue bonds, according to a pricing sheet.
The deal included $57,515,000 of series 2014A non-AMT bonds and $35,565,000 of series 2014B AMT bonds.
The 2014A bonds are due 2015 to 2024 with term bonds due in 2029 and 2032. The serial coupons range from 0.30% to 3.35% all priced at par. The 2029 bonds have a 4% coupon and the 2032 bonds have a 4.30% coupon both priced at par.
The 2014B bonds are due 2014 to 2016 with a term bond due in 2044. The serial coupons range from 0.30% to 0.75% all priced at par. The 2044 bonds have a 3.25% coupon priced at 103.445.
The bonds (Aa2//AA) were sold through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to finance loans to qualified statewide recipients.
| Issuer: | Maryland Department of Housing and Community Development
|
| Issue: | Series 2014 residential revenue bonds
|
| Amount: | $93.08 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, RBC Capital Markets LLC, Loop Capital Markets LLC, M&T Securities Inc. and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 20
|
|
|
| $57,515,000 series 2014A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $285,000 | 2015 | Serial | 0.30% | 100
|
| $635,000 | 2015 | Serial | 0.40% | 100
|
| $850,000 | 2016 | Serial | 0.45% | 100
|
| $1.43 million | 2016 | Serial | 0.55% | 100
|
| $1.43 million | 2017 | Serial | 0.80% | 100
|
| $1,435,000 | 2017 | Serial | 0.90% | 100
|
| $940,000 | 2018 | Serial | 1.30% | 100
|
| $1.44 million | 2018 | Serial | 1.40% | 100
|
| $1.45 million | 2019 | Serial | 1.70% | 100
|
| $1.46 million | 2019 | Serial | 1.75% | 100
|
| $1,475,000 | 2020 | Serial | 2.15% | 100
|
| $1,495,000 | 2020 | Serial | 2.20% | 100
|
| $1.51 million | 2021 | Serial | 2.55% | 100
|
| $1.53 million | 2021 | Serial | 2.60% | 100
|
| $1.55 million | 2022 | Serial | 2.80% | 100
|
| $1.57 million | 2022 | Serial | 2.90% | 100
|
| $1.59 million | 2023 | Serial | 3.10% | 100
|
| $1.62 million | 2023 | Serial | 3.15% | 100
|
| $1,645,000 | 2024 | Serial | 3.30% | 100
|
| $1,675,000 | 2024 | Serial | 3.35% | 100
|
| $18,685,000 | 2029 | Term | 4.00% | 100
|
| $11,815,000 | 2032 | Term | 4.30% | 100
|
|
|
| $35,565,000 series 2014B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $510,000 | 2014 | Serial | 0.30% | 100
|
| $810,000 | 2015 | Serial | 0.45% | 100
|
| $815,000 | 2015 | Serial | 0.50% | 100
|
| $590,000 | 2016 | Serial | 0.75% | 100
|
| $32.84 million | 2044 | Term | 3.25% | 103.445
|
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