Published on 11/20/2012 in the Prospect News Municipals Daily.
New Issue: Michigan brings $92.31 million of G.O. environmental program bonds
By Sheri Kasprzak
New York, Nov. 20 - The State of Michigan priced $92,305,000 of series 2012 tax-exempt general obligation environmental program refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA-/AA-) were sold competitively with Wells Fargo Bank, NA winning the bid.
The bonds are due 2016 to 2020 with 3% to 5% coupons. Yields ranged from 0.65% to 1.31%.
Proceeds will be used to refund existing debt.
| Issuer: | State of Michigan
|
| Issue: | Series 2012 tax-exempt general obligation environmental program refunding bonds
|
| Amount: | $92,305,000
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Bank, NA
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.12 million | 2016 | Serial | 5% | 116.83 | 0.65%
|
| $20,415,000 | 2017 | Serial | 5% | 120.028 | 0.84%
|
| $21.47 million | 2018 | Serial | 5% | 123.538 | 0.91%
|
| $22.57 million | 2019 | Serial | 5% | 125.935 | 1.10%
|
| $23.73 million | 2020 | Serial | 3% | 112.681 | 1.31%
|
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