Maryland Transportation to price $425 million; Princeton University revenue bond sale ahead

By Cristal Cody and Sheri Kasprzak

New York, Sept. 5 - Pricing action cooled to round out the week, but the calendar for the week of Sept. 8 is already filling up with new issues, led by a $425 million sale of grant and revenue anticipation bonds from the Maryland Transportation Authority.

Another big sale comes from Princeton University in New Jersey, which plans to sell $250 million in revenue bonds.

Moving back to the Maryland transportation sale, the authority will price the grant and revenue anticipation bonds Wednesday, according to a preliminary official statement.

The bonds (Aa2/AAA/AA) will be sold competitively and are due from 2009 to 2020.

Proceeds will be used for the construction of the Intercounty Connector, an 18-mile, six-lane toll highway to link Interstate 270 and Interstate 95.

Princeton sale planned

Also ahead on Wednesday, Princeton University is expected to sell $250 million in series 2008J private university revenue bonds, a notice of sale said Friday.

The bonds (Aaa) will be sold competitively through the New Jersey Educational Facilities Authority.

The bonds are due from 2010 to 2038.

Proceeds will be used for construction, renovations, maintenance and capital equipment at the university.

Kentucky Housing offering ahead

In other sales news for this week, Kentucky Housing Corp. intends to price $60 million revenue bonds on Tuesday, according to a sale calendar.

The series 2008E and series 2008F bonds will be sold in a negotiated sale managed by Merrill Lynch & Co.

On Wednesday, New York City plans to bring $790 million series 2009B general obligation bonds in a negotiated sale.

The $700 million series 2009B-1 tax-exempt bonds and $90 million series 2009B-2 taxable bonds are due from 2010 to 2027.

Proceeds will be used for general capital expenses.

L.A. Convention bonds

Also ahead, the Los Angeles Convention and Exhibition Center Authority in California intends to price $250 million lease revenue refunding bonds, according to a preliminary official statement.

The series 2008A bonds (A1/AA-/AA-) will price in a negotiated sale led by senior manager Merrill Lynch & Co.

Proceeds will be used to refund the outstanding series 2003B1, 2003B2, 2003C1, 2003C2, 2003D, 2003E and 2003F lease revenue refunding bonds on Oct. 2.

California DOT bonds

Looking a bit further ahead, California and the state Department of Transportation intend to price $143 million federal highway grant anticipation bonds, according to a sale calendar.

The series 2008A bonds will price on Oct. 1.

Also ahead, Vernon, Calif., plans to price $92 million electric system revenue bonds, according to a preliminary official statement.

The series 2008A taxable bonds (A3/A-/) will be sold in a negotiated sale managed by RBC Capital Markets.

Proceeds will be used to finance capital improvements to the electric system.

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