Published on 8/12/2015 in the Prospect News Green Finance Daily and Prospect News Municipals Daily.
New Issue: Michigan sells $129.3 million G.O. environmental program bonds
By Sheri Kasprzak
New York, Aug. 12 – The State of Michigan sold $129,305,000 of series 2015A tax-exempt general obligation environmental program refunding bonds, according to a pricing sheet.
The bonds (Aa1/AA-/AA) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2028 with 2.25% to 5% coupons.
Proceeds will be used to refund the state’s series 2005A-B and 2006A environmental program G.O. bonds.
| Issuer: | State of Michigan
|
| Issue: | Series 2015A tax-exempt general obligation environmental program refunding bonds
|
| Amount: | $129,305,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Loop Capital Markets LLC, PNC Capital Markets LLC and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | Aug. 12
|
| Settlement date: | Sept. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.34 million | 2016 | Serial | 3% | 103.088
|
| $12.31 million | 2017 | Serial | 5% | 109.232
|
| $12.27 million | 2018 | Serial | 5% | 112.337
|
| $13 million | 2019 | Serial | 5% | 115.113
|
| $3.18 million | 2020 | Serial | 2.25% | 103.338
|
| $10,635,000 | 2020 | Serial | 5% | 117.041
|
| $8,095,000 | 2021 | Serial | 5% | 118.271
|
| $8.71 million | 2022 | Serial | 5% | 119.457
|
| $9,255,000 | 2023 | Serial | 5% | 120.592
|
| $9,285,000 | 2024 | Serial | 5% | 121.738
|
| $9.76 million | 2025 | Serial | 5% | 122.504
|
| $6.69 million | 2026 | Serial | 5% | 121.298
|
| $9.24 million | 2027 | Serial | 5% | 120.601
|
| $9,535,000 | 2028 | Serial | 5% | 119.81
|
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