Published on 4/21/2016 in the Prospect News Municipals Daily.
New Issue: Maryland Stadium Authority brings $320 million Baltimore school bonds
By Sheri Kasprzak
New York, April 21 – The Maryland Stadium Authority sold $320 million of series 2016 construction and revitalization program revenue bonds for the Baltimore City Public Schools, according to a pricing sheet.
The bonds (Aa3/AA-/AA) were sold through senior managers Citigroup Global Markets Inc. and BofA Merrill Lynch.
The bonds are due 2017 to 2036 with term bonds due in 2041 and 2046. The serial bonds have 5% coupons with yields from 0.60% to 2.58%. The 2041 bonds have a 5% coupon priced at 119.728 to yield 2.73% and the 2046 bonds have a 5% coupon priced at 119.15 to yield 2.79%.
Proceeds will be used to renovate and reconstruct stadiums at Baltimore schools as part of a construction and revitalization program.
| Issuer: | Maryland Stadium Authority/Baltimore City Public Schools
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| Issue: | Series 2016 construction and revitalization program revenue bonds
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| Amount: | $320 million
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. and BofA Merrill Lynch (lead), Backstrom McCarley Berry & Co. LLC, Drexel Hamilton LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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| Fitch: AA
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| Pricing date: | April 20
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| Settlement date: | May 5
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,125,000 | 2017 | Serial | 5% | 104.331 | 0.60%
|
| $5.05 million | 2018 | Serial | 5% | 108.436 | 0.72%
|
| $5,305,000 | 2019 | Serial | 5% | 112.285 | 0.83%
|
| $5.57 million | 2020 | Serial | 5% | 115.688 | 0.98%
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| $5.85 million | 2021 | Serial | 5% | 118.774 | 1.12%
|
| $6.14 million | 2022 | Serial | 5% | 121.38 | 1.28%
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| $6.45 million | 2023 | Serial | 5% | 123.738 | 1.42%
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| $6.77 million | 2024 | Serial | 5% | 125.573 | 1.58%
|
| $7.11 million | 2025 | Serial | 5% | 127.018 | 1.74%
|
| $7,465,000 | 2026 | Serial | 5% | 128.397 | 1.87%
|
| $7,835,000 | 2027 | Serial | 5% | 126.937 | 2.01%
|
| $8.23 million | 2028 | Serial | 5% | 125.905 | 2.11%
|
| $8.64 million | 2029 | Serial | 5% | 124.782 | 2.22%
|
| $9,075,000 | 2030 | Serial | 5% | 124.175 | 2.28%
|
| $9,525,000 | 2031 | Serial | 5% | 123.772 | 2.32%
|
| $10,005,000 | 2032 | Serial | 5% | 123.17 | 2.38%
|
| $10,505,000 | 2033 | Serial | 5% | 122.572 | 2.44%
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| $11.03 million | 2034 | Serial | 5% | 122.175 | 2.48%
|
| $11.58 million | 2035 | Serial | 5% | 121.681 | 2.53%
|
| $12.16 million | 2036 | Serial | 5% | 121.189 | 2.58%
|
| $70,545,000 | 2041 | Term | 5% | 119.728 | 2.73%
|
| $90,035,000 | 2046 | Term | 5% | 119.15 | 2.79%
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