Maryland Housing and Community prepares $146.47 million bond offering

By Sheri Kasprzak

New York, Aug. 27 – The Maryland Department of Housing and Community Development is expected to price $146,465,000 of series 2014 residential revenue bonds, according to a preliminary official statement.

The deal includes $43,065,000 of series 2014C non-AMT bonds, $25.32 million of series 2014D AMT bonds, $53.08 million of series 2014E taxable bonds and $25 million of series 2014F variable-rate taxable bonds.

The bonds (Aa2/VMIG 1//AA/F1+) will be sold on a negotiated basis with BofA Merrill Lynch as the senior manager and sole underwriter for the 2014F bonds. The co-managers for the 2014C-E bonds are J.P. Morgan Securities LLC, RBC Capital Markets LLC, Loop Capital Markets LLC, M&T Securities Inc. and Morgan Stanley & Co. LLC.

The 2014C bonds are due 2015 to 2025 with term bonds due in 2028, 2031, 2039 and 2044. The 2014D bonds are due 2015 to 2021 with a term bond due in 2036. The 2014E bonds are due 2015 to 2025 with term bonds due in 2029, 2032 and 2040. The 2014F bonds are due in 2044.

Proceeds will be used to finance or refinance loans, including mortgage loans and mortgage-backed securities.

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