Published on 7/9/2014 in the Prospect News Municipals Daily.
New Issue: Westminster, Md., prices $48.95 million Carroll Lutheran Village bonds
By Sheri Kasprzak
New York, July 9 – The City of Westminster, Md., sold $48,945,000 of series 2014 project and refunding revenue bonds for the Carroll Lutheran Village Inc., according to a pricing sheet. The offering was downsized from $50.62 million.
The bonds were sold through H.J. Sims & Co.
The bonds are due 2016 to 2020 with term bonds due in 2023, 2034, 2040 and 2044. The serial coupons range from 2.125% to 5% with 2.125% to 3.50% yields. The 2023 bonds have a 4.125% coupon priced at 99.074 to yield 4.25% and the 2034 bonds have a 5.125% coupon priced at 101.757 to yield 4.90%. The 2040 bonds have a 5.125% coupon priced at 98.936 to yield 5.20% and the 2044 bonds have a 5.5% coupon priced at 102.899 to yield 5.125%.
Proceeds will be used to finance improvements and renovations to independent living units at the Carroll Lutheran retirement community in Howard County, Md., as well as to refund existing debt.
| Issuer: | Westminster, Md./Carroll Lutheran Village Inc.
|
| Issue: | Series 2014 project and refunding revenue bonds
|
| Amount: | $48,945,000
|
| Type: | Negotiated
|
| Underwriter: | H.J. Sims & Co.
|
| Pricing date: | July 2
|
| Settlement date: | July 9
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $485,000 | 2016 | Serial | 2.125% | 100 | 2.125%
|
| $280,000 | 2016 | Serial | 5% | 105.538 | 2.125%
|
| $175,000 | 2017 | Serial | 2.5% | 100 | 2.50%
|
| $610,000 | 2017 | Serial | 5% | 107.13 | 2.50%
|
| $820,000 | 2018 | Serial | 5% | 107.932 | 2.875%
|
| $250,000 | 2019 | Serial | 3.25% | 100 | 3.25%
|
| $615,000 | 2019 | Serial | 5% | 107.982 | 3.25%
|
| $200,000 | 2020 | Serial | 3.5% | 100 | 3.50%
|
| $640,000 | 2020 | Serial | 5% | 108.026 | 3.50%
|
| $2,945,000 | 2023 | Term | 4.125% | 99.074 | 4.25%
|
| $15,215,000 | 2034 | Term | 5.125% | 101.757 | 4.90%
|
| $12.58 million | 2040 | Term | 5.125% | 98.936 | 5.20%
|
| $14.07 million | 2044 | Term | 5.5% | 102.899 | 5.125%
|
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