By Sheri Kasprzak
New York, Aug. 10 - Montgomery County, Md., priced recently $557.655 million of series 2011 consolidated public improvement general obligation bonds, according to a pricing sheet.
The offering included $320 million of series 2011A G.O. bonds and $237.655 million of series 2011B refunding bonds.
The 2011A bonds are due 2012 to 2031 with 2% to 5% coupons.
The 2011B bonds are due 2012 to 2022 with 2% to 5% coupons.
The bonds (Aaa/AAA/AAA) were sold competitively with J.P. Morgan Securities LLC winning the series 2011A bonds and Citigroup Global Markets Inc. taking the series 2011B bonds.
Proceeds will be used to refinance all or a portion of the county's outstanding bond anticipation notes and refund existing G.O. debt.
| Issuer: | Montgomery County, Md.
|
| Issue: | Series 2011 consolidated public improvement general obligation bonds
|
| Amount: | $557.655 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (winner for 2011A); Citigroup Global Markets Inc. (winner for 2011B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 11
|
|
|
| $320 million series 2011A consolidated public improvement G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $16 million | 2012 | Serial | 2% | 101.597
|
| $16 million | 2013 | Serial | 3% | 104.988
|
| $16 million | 2014 | Serial | 5% | 112.766
|
| $16 million | 2015 | Serial | 5% | 116.3
|
| $16 million | 2016 | Serial | 5% | 118.722
|
| $16 million | 2017 | Serial | 5% | 120.28
|
| $16 million | 2018 | Serial | 5% | 120.931
|
| $16 million | 2019 | Serial | 5% | 121.222
|
| $16 million | 2020 | Serial | 5% | 119.136
|
| $16 million | 2021 | Serial | 5% | 117.874
|
| $16 million | 2022 | Serial | 5% | 116.279
|
| $16 million | 2023 | Serial | 5% | 115.09
|
| $16 million | 2024 | Serial | 5% | 114.104
|
| $16 million | 2025 | Serial | 5% | 113.278
|
| $16 million | 2026 | Serial | 5% | 112.458
|
| $16 million | 2027 | Serial | 4% | 102.584
|
| $16 million | 2028 | Serial | 4% | 101.964
|
| $16 million | 2029 | Serial | 4.5% | 105.077
|
| $16 million | 2030 | Serial | 4% | 100.737
|
| $16 million | 2031 | Serial | 4% | 100
|
|
|
| $237.655 million series 2011B consolidated public improvement G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10.985 million | 2012 | Serial | 2% | NRO
|
| $8.75 million | 2013 | Serial | 3% | 105.12
|
| $17.935 million | 2014 | Serial | 5% | 112.92
|
| $30.135 million | 2015 | Serial | 5% | 116.509
|
| $13.835 million | 2016 | Serial | 5% | 118.985
|
| $21.77 million | 2017 | Serial | 5% | 120.594
|
| $32.1 million | 2018 | Serial | 5% | 121.292
|
| $22.065 million | 2019 | Serial | 5% | 121.628
|
| $15.46 million | 2020 | Serial | 5% | 121.771
|
| $38.655 million | 2021 | Serial | 5% | NRO
|
| $25.965 million | 2022 | Serial | 5% | NRO
|
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