Published on 2/10/2009 in the Prospect News Municipals Daily.
New Issue: Baltimore County, Md., prices $97.54 million refunding G.O.s at 1.95% TIC
By Aaron Hochman-Zimmerman
New York, Feb. 10 - Baltimore County in Maryland priced $97.54 million 2009 refunding series general obligation bonds at a TIC of 1.95%, according to Robert Burros, county investment administrator.
The bonds came in three tranches.
The county priced $24.515 million in metropolitan district bonds, $26.880 million in consolidated public improvement bonds and $46.140 million in pension funding bonds.
The bonds carry maturities from 2009 to 2018 and priced with yields ranging from 0.59% to 2.61%.
J.P. Morgan Securities Inc. was the winner of the competitive sale. Public Resources Advisory Group acted as financial adviser.
Proceeds from the deal will be used to refund outstanding bonds.
The Baltimore County seat is located in Towson, Md.
Issuer: Baltimore County
Issue: 2009 refunding series general obligation bonds
| Amount: | $97.54 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| Yield range: | 0.59% to 2.61% |
|
| True interest cost: | 1.95%
|
| Pricing date: | Feb. 10
|
|
|
| Issue: | Metropolitan district bonds
|
| Amount: | $24.515 million
|
| Maturity | Amount | Coupon | Price | Yield
|
| Aug. 1, 2009 | $3.380 million | 3.00% | 101.047 | 0.59%
|
| Aug. 1, 2010 | $3.155 million | 4.00% | 104.559 | 0.80%
|
| Aug. 1, 2011 | $3.075 million | 4.00% | 106.751 | 1.18%
|
| Aug. 1, 2012 | $3.000 million | 4.00% | 108.938 | 1.33%
|
| Aug. 1, 2013 | $3.365 million | 4.00% | 110.689 | 1.50%
|
| Aug. 1, 2014 | $5,000 | 4.00% | 111.453 | 1.78%
|
| Aug. 1, 2015 | $5,000 | 4.00% | 112.277 | 1.96%
|
| Aug. 1, 2016 | $5.195 million | 5.00% | 119.563 | 2.14%
|
| Aug. 1, 2017 | $5,000 | 4.00% | 112.395 | 2.37%
|
| Aug. 1, 2018 | $3.330 million | 4.00% | 111.558 | 2.61%
|
|
|
| Issue: | Consolidated public improvement bonds
|
| Amount: | | $26.880 million
|
| Maturity | Amount | Coupon | Price | Yield
|
| Aug. 1, 2009 | $3.160 million | 3.00% | 101.047 | 0.59%
|
| Aug. 1, 2010 | $2.935 million | 3.00% | 103.134 | 0.80%
|
| Aug. 1, 2011 | $2.845 million | 3.00% | 104.357 | 1.18%
|
| Aug. 1, 2012 | $2.740 million | 3.00% | 105.590 | 1.33%
|
| Aug. 1, 2013 | $790,000 | 2.00% | 102.137 | 1.50%
|
| Aug. 1, 2014 | $5,000 | 3.00% | 106.293 | 1.78%
|
| Aug. 1, 2015 | $150,000 | 2.25% | 101.744 | 1.96%
|
| Aug. 1, 2016 | $3.9 million | 5.00% | 119.563 | 2.14%
|
| Aug. 1, 2017 | $2.870 million | 5.00% | 120.001 | 2.37%
|
| Aug. 1, 2018 | $7.485 million | 5.00% | 119.873 | 2.61%
|
|
|
| Issue: | Pension funding bonds
|
| Amount: | | $46.140 million
|
| Maturity | Amount | Coupon | Price | Yield
|
| Aug. 1, 2009 | $7.255 million | 3.00% | 101.047 | 0.59%
|
| Aug. 1, 2010 | $7.080 million | 5.00% | 105.984 | 0.80%
|
| Aug. 1, 2011 | $7.070 million | 5.00% | 109.146 | 1.18%
|
| Aug. 1, 2012 | $7.015 million | 5.00% | 112.285 | 1.33%
|
| Aug. 1, 2013 | $6.925 million | 5.00% | 114.965 | 1.50%
|
| Aug. 1, 2014 | $6.790 million | 5.00% | 116.612 | 1.78%
|
| Aug. 1, 2015 | $4.005 million | 5.00% | 118.296 | 1.96%
|
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