By Sheri Kasprzak
New York, Oct. 12 - The State of Michigan sold $139.54 million of series 2011 general obligation bonds, according to a pricing sheet.
The bonds (Aa2/AA-/AA-) were sold competitively. The state treasurer's office did not return calls requesting the winning bidder by press time Wednesday evening.
The offering included $44.035 million of series 2011A tax-exempt environmental program and refunding G.O. bonds, $65.395 million of series 2011B taxable environmental program and refunding G.O. bonds and $30.11 million of series 2011B taxable school loan bonds.
The 2011A environmental bonds are due 2021 to 2025 with coupons from 1% to 5%. The 2011B environmental bonds are due 2013 and in 2017 to 2020 with coupons from 0.66% to 3.375%. The 2011B taxable school bonds are due on Dec. 1, 2022 with a 3.7% coupon priced at par.
Proceeds will make a deposit to the state's school loan revolving fund, provide financing for environmental programs and refund existing debt.
| Issuer: | State of Michigan
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $139.54 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Oct. 12
|
| Settlement date: | Oct. 19
|
|
|
| $44.035 million series 2011 A tax-exempt environmental bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.93 million | 2021 | Serial | 5% | 115.448
|
| $8.905 million | 2022 | Serial | 5% | 114.055
|
| $8.73 million | 2023 | Serial | 4.5% | 107.132
|
| $8.735 million | 2024 | Serial | 3.625% | 98.202
|
| $8.735 million | 2025 | Serial | 1% | 67.878
|
|
|
| $65.395 million series 2011B taxable environmental bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $35.88 million | 2013 | Serial | 0.66% | 99.811
|
| $7.375 million | 2017 | Serial | 2.65% | 99.383
|
| $7.38 million | 2018 | Serial | 2.85% | 99.296
|
| $7.38 million | 2019 | Serial | 3.25% | 99.292
|
| $7.38 million | 2020 | Serial | 3.375% | 99.028
|
|
|
| $30.11 million series 2011B taxable school loan bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2022 | Term | 3.7% | 100
|
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