New Issue: Howard County, Md., prices $193.83 million G.O. bonds

By Sheri Kasprzak

New York, Oct. 25 - Howard County in Maryland sold $193.83 million of series 2011 general obligation bonds on Tuesday, according to a pricing sheet.

The deal included $160.15 million of series 2011B consolidated public improvement project and refunding bonds and $33.68 million of series 2011B metropolitan district project and refunding bonds.

The 2011B consolidated public improvement bonds are due 2012 to 2031 with 3% to 5% coupons. The 2011B metropolitan district bonds are due 2012 to 2036 with a term bond due in 2041. The serial coupons range from 3% to 5%.

The bonds (Aaa/AAA/AAA) were sold competitively with Barclays Capital Inc. winning the bid. The true interest cost for the consolidated public improvement bonds was 2.859846%, and the true interest cost for the metropolitan district bonds was 3.313427%.

Proceeds will repay the county's series 2011 commercial paper notes used to construct capital improvements, including school, sidewalk, roads, police and public safety, community college, and parks and recreation projects. The proceeds will also refund the county's series 2002, 2003 and 2005 bonds, which were issued to complete water and sewer improvement projects, according to the pricing sheet.

Issuer:	Howard County, Md.
Issue:	Series 2011 general obligation bonds
Amount:	$193.83 million
Type:	Competitive
Underwriter:	Barclays Capital Inc. (winner)
True interest cost:	2.859846% (for consolidated public improvement); 3.313427% (for metropolitan district)
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA
Pricing date:	Oct. 25
Settlement date:	Nov. 17
$160.15 million series 2011B consolidated public improvement bonds
Amount	Maturity	Type	Coupon	Price
$3.645 million	2012	Serial	3%	102.043
$8.365 million	2013	Serial	5%	107.969
$9.125 million	2014	Serial	5%	111.841
$7.615 million	2015	Serial	5%	114.862
$4.985 million	2016	Serial	5%	117.069
$5.23 million	2017	Serial	5%	118.889
$10.51 million	2018	Serial	5%	120.305
$11.03 million	2019	Serial	5%	120.942
$14.015 million	2020	Serial	5%	121.538
$14.57 million	2021	Serial	5%	122.565
$13.265 million	2022	Serial	5%	121.305
$16.995 million	2023	Serial	5%	119.966
$7.985 million	2024	Serial	5%	118.644
$4.015 million	2025	Serial	3.125%	99.058
$4.22 million	2026	Serial	5%	116.601
$4.435 million	2027	Serial	5%	115.687
$4.665 million	2028	Serial	4%	103.926
$4.905 million	2029	Serial	3.5%	98.693
$5.155 million	2030	Serial	3.625%	98.721
$5.42 million	2031	Serial	4%	101.774
$33.68 million series 2011B metropolitan district project bonds
Amount	Maturity	Type	Coupon	Price
$290,000	2012	Serial	3%	102.005
$1.955 million	2013	Serial	5%	108.354
$2.03 million	2014	Serial	5%	111.841
$2.11 million	2015	Serial	5%	114.862
$2.21 million	2016	Serial	5%	117.069
$2.11 million	2017	Serial	4%	113.531
$2.205 million	2018	Serial	4%	114.116
$1.91 million	2019	Serial	4%	113.895
$645,000	2020	Serial	4%	113.478
$675,000	2021	Serial	4%	113.732
$715,000	2022	Serial	3%	102.293
$750,000	2023	Serial	3%	100.671
$560,000	2024	Serial	3%	98.95
$590,000	2025	Serial	3.125%	99.058
$620,000	2026	Serial	3.25%	99.185
$655,000	2027	Serial	3.375%	99.452
$690,000	2028	Serial	3.5%	99.744
$1.015 million	2029	Serial	3.5%	98.693
$1.22 million	2030	Serial	3.625%	98.721
$1.285 million	2031	Serial	3.75%	99.58
$1.06 million	2032	Serial	4%	101.285
$755,000	2033	Serial	4%	100.88
$795,000	2034	Serial	4%	100.557
$835,000	2035	Serial	4%	100.315
$880,000	2036	Serial	4%	100.235
$5.115 million	2041	Term	4%	99.649

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