Maryland Economic refunds $41.35 million University of Maryland bonds

By Melissa Kory

Cleveland, Feb. 24 - The Maryland Economic Development Corp. announced that it refunded in advance its $41,345,000 of University of Maryland series 2001 utility infrastructure revenue bonds through the issuance of $40,195,000 of 5% and 3.25% series 2011 utility infrastructure revenue refunding bonds due 2011 through 2019.

The series 2001 bonds will be redeemed on July 1 at par.

The bonds to be redeemed include:

• $4.25 million of 5.25% bonds due July 1, 2011;

• $4,475,000 of 5.375% bonds due July 1, 2012;

• $4,715,000 of 5.375% bonds due July 1, 2013;

• $4.97 million of 5.375% bonds due July 1, 2014;

• $5.23 million of 5.375% bonds due July 1, 2015;

• $5.51 million of 5.375% bonds due July 1, 2017;

• $5,815,000 of 4.75% bonds due July 1, 2018; and

• $6.38 million of 5% bonds due July 1, 2019.

Wells Fargo Bank, NA is the agent.

The series 2011 bonds may be redeemed at any time prior to maturity at par, plus accrued interest to the redemption date.

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