Published on 2/25/2016 in the Prospect News Municipals Daily.
New Issue: Maryland Economic Development sells $133.6 million University of Maryland bonds
By Sheri Kasprzak
New York, Feb. 25 – The Maryland Economic Development Corp. priced $133,595,000 of series 2016 student housing revenue bonds for the University of Maryland at College Park, according to a pricing sheet.
The bonds (Baa2/AA) were sold through RBC Capital Markets LLC.
The bonds are due 2017 to 2031 with term bonds due in 2035 and 2043. The serial coupons range from 4% to 5% and yields from 0.61% to 2.92%. The 2035 bonds have a 5% coupon priced at 116.319 to yield 3.12%, and the 2043 bonds have a 5% coupon priced at 113.417 to yield 3.43%.
Proceeds will be used to finance capital improvements to student housing facilities at the university.
| Issuer: | Maryland Economic Development Corp./University of Maryland College Park
|
| Issue: | Series 2016 student housing revenue bonds
|
| Amount: | $133,595,000
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC (lead)
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 17
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.52 million | 2017 | Serial | 4% | 104.064 | 0.61%
|
| $3.71 million | 2018 | Serial | 4% | 106.821 | 0.87%
|
| $3,945,000 | 2019 | Serial | 4% | 109.141 | 1.09%
|
| $4.17 million | 2020 | Serial | 4% | 110.97 | 1.31%
|
| $4.41 million | 2021 | Serial | 4% | 112.525 | 1.49%
|
| $4,655,000 | 2022 | Serial | 4% | 113.363 | 1.72%
|
| $4.92 million | 2023 | Serial | 4% | 113.644 | 1.96%
|
| $5.2 million | 2024 | Serial | 4% | 113.684 | 2.17%
|
| $5,485,000 | 2025 | Serial | 4% | 113.495 | 2.36%
|
| $5.79 million | 2026 | Serial | 4% | 113.242 | 2.52%
|
| $6.11 million | 2027 | Serial | 5% | 121.188 | 2.62%
|
| $6.5 million | 2028 | Seral | 5% | 120.294 | 2.71%
|
| $6,935,000 | 2029 | Serial | 5% | 119.604 | 2.78%
|
| $7,375,000 | 2030 | Serial | 5% | 119.016 | 2.84%
|
| $7,835,000 | 2031 | Serial | 5% | 118.238 | 2.92%
|
| $36,555,000 | 2035 | Term | 5% | 116.319 | 3.12%
|
| $16.48 million | 2043 | Term | 5% | 113.417 | 3.43%
|
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