New Issue: Maryland Economic Development brings $312.42 million of revenue bonds

By Sheri Kasprzak

New York, June 14 – Maryland Economic Development Corp. sold $312.42 million of series 2016 Purple Line Light Rail project private activity revenue bonds, said a pricing sheet.

The deal included $100 million of series 2016A bonds, $23.32 million of series 2016B bonds, $27.48 million of series 2016C bonds and $161.62 million of series 2016D bonds.

The 2016A bonds are due March 31, 2024 and have a 5% coupon priced at 116.04 to yield 1.89%.

The 2016B bonds are due Sept. 30, 2026 and have a 5% coupon priced at 114.866 to yield 2.10%.

The 2016C bonds are due 2025 to 2028 with 5% coupons and yields from 2.04% to 2.24%.

The 2016D bonds are due 2023 to 2032 with term bonds due in 2036, 2041, 2046 and 2051. The serial bonds have 5% coupons and yields from 1.94% to 2.78%. The 2036 bonds have a 5% coupon priced at 119.145 to yield 2.84%.The 2041 bonds have a 5% coupon priced at 118.851 to yield 2.87% and the 2046 bonds have a 5% coupon priced at 118.655 to yield 2.89%. The 2051 bonds have a 5% coupon priced at 117.874 to yield 2.97%.

J.P. Morgan Securities LLC was the senior manager for the bonds (/BBB+/BBB+).

Proceeds will be used to finance the construction of the Purple Line light rail project which will run from Bethesda, Md. to New Carrollton, Md. and have 21 stations and is scheduled to begin service in 2022.

Issuer:	Maryland Economic Development Corp.
Issue:	Series 2016 Purple Line Light Rail Project private activity revenue bonds
Amount:	$312.42 million
Type:	Negotiated
Underwriter:	J.P. Morgan Securities LLC
Ratings:	S&P: BBB+
	Fitch: BBB+
Pricing date:	June 14
Settlement date:	June 17
$100 million series 2016A bonds
Maturity	Type	Coupon	Price	Yield
March 31, 2024	Term	5%	116.04	1.89%
$23.32 million series 2016B bonds
Maturity	Type	Coupon	Price	Yield
Sept. 30, 2026	Term	5%	114.866	2.10%
$27.48 million series 2016C bonds
Amount	Maturity	Type	Coupon	Price	Yield
$3,435,000	2025	Serial	5%	115.2	2.04%
$3,435,000	2025	Serial	5%	114.922	2.09%
$3,435,000	2026	Serial	5%	114.866	2.10%
$3,435,000	2026	Serial	5%	114.589	2.15%
$3,435,000	2027	Serial	5%	114.423	2.18%
$3,435,000	2027	Serial	5%	114.201	2.22%
$3,435,000	2028	Serial	5%	114.201	2.22%
$3,435,000	2028	Serial	5%	114.091	2.24%
$161.62 million series 2016D bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1.31 million	2023	Serial	5%	119.365	1.94%
$500,000	2024	Serial	5%	121.607	2.14%
$500,000	2025	Serial	5%	122.166	2.21%
$500,000	2025	Serial	5%	122.832	2.26%
$500,000	2026	Serial	5%	123.043	2.35%
$500,000	2026	Serial	5%	123.57	2.40%
$500,000	2027	Serial	5%	122.649	2.49%
$500,000	2027	Serial	5%	122.243	2.53%
$500,000	2028	Serial	5%	121.838	2.57%
$4.17 million	2028	Serial	5%	121.636	2.59%
$4,215,000	2029	Serial	5%	121.535	2.60%
$4.74 million	2029	Serial	5%	121.334	2.62%
$5.16 million	2030	Serial	5%	120.832	2.67%
$1.89 million	2030	Serial	5%	120.832	2.67%
$1.94 million	2031	Serial	5%	120.234	2.73%
$1,985,000	2031	Serial	5%	120.234	2.73%
$2,035,000	2032	Serial	5%	119.737	2.78%
$18,235,000	2036	Term	5%	119.145	2.84%
$28,515,000	2041	Term	5%	118.851	2.87%
$36.39 million	2046	Term	5%	118.655	2.89%
$47,035,000	2051	Term	5%	117.874	2.97%

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