Michigan to sell $367.8 million school loan refunding bonds Tuesday

By Sheri Kasprzak

New York, Oct. 27 - The state of Michigan expects to price $367.8 million in series 2008 general obligation school loan refunding bonds on Tuesday, according to an offering calendar.

The bonds (Aa3/AA-/AA-) will be sold on a negotiated basis with Merrill Lynch as the senior manager. The co-managers are Citigroup Global Markets, J.P. Morgan Securities Inc., Fidelity Capital Markets, Raymond James & Associates and Rice Financial Products.

The sale includes $145.75 million in series 2008A bonds, which are due 2009 to 2011 and 2020 to 2022, as well as $222.05 million in series 2008B bonds, which are due 2014 to 2020.

Proceeds will be used to refund the state's outstanding series 1998, 2005B and 2005C school loan bonds.

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