By Sheri Kasprzak
New York, April 14 - The State of Michigan priced $150 million of series 2011A taxable general obligation school loan bonds, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold competitively with J.P. Morgan Securities LLC winning the bid. The bonds are due 2014 to 2023 with coupons from 2.05% to 4.8%, all priced at par.
Proceeds will be lent to local school districts for capital improvements.
| Issuer: | State of Michigan
|
| Issue: | Series 2011A taxable general obligation school loan bonds
|
| Amount: | $150 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | April 14
|
| Settlement date: | April 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.8 million | 2014 | Serial | 2.05% | 100
|
| $22.4 million | 2015 | Serial | 2.65% | 100
|
| $24.6 million | 2016 | Serial | 3% | 100
|
| $11.6 million | 2017 | Serial | 3.5% | 100
|
| $12 million | 2018 | Serial | 3.75% | 100
|
| $12.5 million | 2019 | Serial | 4.05% | 100
|
| $13.1 million | 2020 | Serial | 4.3% | 100
|
| $5 million | 2021 | Serial | 4.45% | 100
|
| $28.3 million | 2022 | Serial | 4.65% | 100
|
| $12.7 million | 2023 | Serial | 4.8% | 100
|
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