By Sheri Kasprzak
New York, Sept. 15 – The Michigan Finance Authority offered $121.2 million of series 2015E state aid revenue notes for the Detroit School District, according to an official statement.
The notes (/SP-3/) were sold through J.P. Morgan Securities LLC and Loop Capital Markets LLC.
The notes are due Aug. 22, 2016 and have a 5.75% coupon priced at par.
Proceeds will be used to purchase a note to be issued by the school district.
| Issuer: | Michigan Finance Authority/Detroit School District
|
| Issue: | Series 2015E state aid revenue notes
|
| Amount: | $121.2 million
|
| Maturity: | Aug. 22, 2016
|
| Coupon: | 5.75%
|
| Price: | 100
|
| Yield: | 5.75%
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Loop Capital Markets LLC (lead)
|
| Rating: | Standard & Poor’s: SP-3
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 16
|
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