By Sheri Kasprzak
New York, Dec. 15 - The Michigan Finance Authority priced $535 million of series 2010 school loan revolving fund revenue and refunding bonds, said a term sheet.
The bonds were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager and BMO Capital Markets Inc. and PNC Capital Markets LLC as the co-managers.
The sale included $150 million of series 2010A weekly rate bonds, $150 million of series 2010B weekly rate bonds, $150 million of series 2010C weekly rate bonds and $85 million of series 2010D fixed-rate bonds.
The 2010A-C bonds are due Sept. 1, 2050 and all bear interest at the weekly rate priced at par.
The 2010D bonds are due 2018 to 2025 with 4.995% to 6.496% coupons, all priced at par.
Proceeds will be used to make loans to local school districts for capital improvements and to refund debt.
| Issuer: | Michigan Finance Authority
|
| Issue: | Series 2010 school loan revolving fund revenue and refunding bonds
|
| Amount: | $535 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead); BMO Capital Markets Inc. and PNC Capital Markets LLC (co-managers)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 15
|
|
|
| $150 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $150 million | Sept. 1, 2050 | Term | Weekly | 100
|
|
|
| $150 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $150 million | Sept. 1, 2050 | Term | Weekly | 100
|
|
|
| $150 million series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $150 million | Sept. 1, 2050 | Term | Weekly | 100
|
|
|
| $85 million series 2010D fixed-rate bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3 million | 2018 | Serial | 4.995% | 100
|
| $4 million | 2019 | Serial | 5.246% | 100
|
| $6 million | 2020 | Serial | 5.496% | 100
|
| $12 million | 2021 | Serial | 5.746% | 100
|
| $16 million | 2022 | Serial | 5.996% | 100
|
| $22 million | 2023 | Serial | 6.246% | 100
|
| $12 million | 2024 | Serial | 6.396% | 100
|
| $10 million | 2025 | Serial | 6.496% | 100
|
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