Published on 8/1/2012 in the Prospect News Municipals Daily.
New Issue: Maryland prices $727.03 million of G.O. loan bonds in five tranches
By Sheri Kasprzak
New York, Aug. 1 - The State of Maryland sold $727,025,000 of series 2012 general obligation state and local facilities loan bonds, according to a pricing sheet.
The offering included $26.34 million of series 2012A bonds, $478.66 million of series 2012B bonds, $23 million of series 2012C taxable bonds, $15.23 million of series 2012D taxable bonds and $183,795,000 of series 2012E refunding bonds.
The 2012A bonds are due 2015 to 2027 with 2% to 5% coupons. The 2012B bonds are due 2015 to 2027 with 2.25% to 5% coupons. The 2012C bonds are due Aug. 1, 2015 with a 0.4% coupon priced at par. The 2012D bonds are due Aug. 1, 2027 with a 2.8% coupon priced at 100.609. The 2012E bonds are due 2018 to 2020 with 4.5% coupons.
The bonds (Aaa/AAA/AAA) were sold through Citigroup Global Markets Inc. The co-managers were Bank of America Merrill Lynch, J.P. Morgan Securities LLC, M&T Securities, Inc., Siebert Brandford Shank & Co., LLC, Barclays Capital Inc., Goldman, Sachs & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan and RBC Capital Markets Corp.
Proceeds will be used for public purposes, including the acquisition and construction of state facilities; for capital grants to local governments; to match loans and grants to local governments, nonprofit institutions and other entities; for capital grants to local education agencies for public school renovations; and to purchase federal securities for the advance refunding of outstanding general obligation bonds.
| Issuer: | State of Maryland
|
| Issue: | Series 2012 general obligation state and local facilities loan bonds
|
| Amount: | $727,025,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Bank of America Merrill Lynch, J.P. Morgan Securities LLC, M&T Securities, Inc., Siebert Brandford Shank & Co., LLC, Barclays Capital Inc., Goldman, Sachs & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan and RBC Capital Markets Corp. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 14
|
|
|
| $26.34 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,875,000 | 2015 | Serial | 2% | 104.769
|
| $1.08 million | 2015 | Serial | 3% | 107.714
|
| $2,315,000 | 2015 | Serial | 4% | 110.658
|
| $2.05 million | 2016 | Serial | 3% | 109.882
|
| $575,000 | 2016 | Serial | 4% | 113.804
|
| $1.4 million | 2017 | Serial | 3% | 111.46
|
| $525,000 | 2017 | Serial | 4% | 116.337
|
| $345,000 | 2017 | Serial | 5% | 121.214
|
| $2,405,000 | 2018 | Serial | 3% | 112.29
|
| $145,000 | 2018 | Serial | 4% | 118.088
|
| $15,000 | 2018 | Serial | 5% | 123.886
|
| $300,000 | 2019 | Serial | 3% | 112.631
|
| $160,000 | 2020 | Serial | 3% | 112.579
|
| $575,000 | 2020 | Serial | 4% | 120.112
|
| $300,000 | 2020 | Serial | 5% | 127.645
|
| $20,000 | 2021 | Serial | 3% | 111.061
|
| $50,000 | 2021 | Serial | 4% | 118.535
|
| $110,000 | 2022 | Serial | 3% | 110.114
|
| $65,000 | 2022 | Serial | 4% | 117.551
|
| $115,000 | 2022 | Serial | 5% | 124.988
|
| $490,000 | 2023 | Serial | 3% | 109.098
|
| $30,000 | 2023 | Serial | 5% | 123.893
|
| $120,000 | 2024 | Serial | 3% | 108.324
|
| $50,000 | 2024 | Serial | 5% | 123.059
|
| $70,000 | 2025 | Serial | 3% | 107.556
|
| $100,000 | 2025 | Serial | 5% | 122.231
|
| $10,000 | 2026 | Serial | 3% | 106.871
|
| $1,755,000 | 2026 | Serial | 5% | 121.491
|
| $470,000 | 2027 | Serial | 3% | 106.265
|
| $175,000 | 2027 | Serial | 4% | 113.552
|
| $8,645,000 | 2027 | Serial | 5% | 120.838
|
|
|
| $478.66 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.65 million | 2015 | Serial | 5% | 113.762
|
| $30,355,000 | 2016 | Serial | 5% | 117.942
|
| $32.36 million | 2017 | Serial | 5% | 121.214
|
| $33,795,000 | 2018 | Serial | 5% | 123.886
|
| $37.9 million | 2019 | Serial | 5% | 125.922
|
| $39,115,000 | 2020 | Serial | 5% | 127.558
|
| $41.92 million | 2021 | Serial | 5% | 126.18
|
| $43.41 million | 2022 | Serial | 4% | 116.576
|
| $44,735,000 | 2023 | Serial | 2.25% | 100
|
| $46.7 million | 2024 | Serial | 2.5% | 100
|
| $48,615,000 | 2025 | Serial | 4% | 112.849
|
| $48.77 million | 2026 | Serial | 4% | 112.151
|
| $27,335,000 | 2027 | Serial | 3% | 101.132
|
|
|
| $23 million series 2012C taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Aug. 1, 2015 | Term | 0.4% | 100
|
|
|
| $15.23 million series 2012D taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15.23 million | Aug. 1, 2027 | Term | 2.8% | 100.609
|
|
|
| $183,795,000 series 2012E refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $55,465,000 | 2018 | Serial | 4.5% | 121.116
|
| $22,905,000 | 2019 | Serial | 4.5% | 122.357
|
| $105,425,000 | 2020 | Serial | 4.5% | 123.538
|
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