New Issue: Maryland Department of Transportation sells $110 million bonds at 3.377% TIC

By Aaron Hochman-Zimmerman

New York, April 29 - The Maryland Department of Transportation priced $110 million in series 2009 consolidated transportation bonds (Aa2/AAA/AA) at a true interest cost of 3.377%, according to chief financial officer David Fleming.

Barclays Capital Inc. placed the highest bid of seven interested banks. Public Financial Management Inc. acted as financial adviser to the competitive deal.

The bonds carry serial maturities from 2012 to 2024.

Proceeds from the sale will be used to fund the department's highway, transit, port and aviation projects.

The Maryland Department of Transportation is located in Hanover, Md.

Issuer:	Maryland Department of Transportation
Issue:	Series 2009 consolidated transportation bonds
Amount:	$110 million
Maturities:	2012 to 2024
True interest cost:	3.377%
Type:	Competitive
Underwriter:	Barclays Capital Inc.
Pricing date:	April 29
Ratings:	Moody's: Aa2
	Standard & Poor's: AAA
	Fitch: AA
Serial bonds
Maturity	Amount	Coupon
May 15, 2012	$2.2 million	3%
May 15, 2013	$2.2 million	3%
May 15, 2014	$6.6 million	3%
May 15, 2015	$6.6 million	4%
May 15, 2016	$6.6 million	4%
May 15, 2017	$8.8 million	4%
May 15, 2018	$8.8 million	4%
May 15, 2019	$8.8 million	4%
May 15, 2020	$8.8 million	4%
May 15, 2021	$11.0 million	4%
May 15, 2022	$12.1 million	4%
May 15, 2023	$13.2 million	4%
May 15, 2024	$14.3 million	4%

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