By Sheri Kasprzak
New York, June 15 - The Michigan Strategic Fund priced Wednesday $119.115 million of series 2011 limited obligation revenue bonds, said a pricing sheet.
The bonds (A1/A+) were sold through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. The co-managers were BMO Capital Markets, PNC Capital Markets LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC.
The bonds are due 2014 to 2026 with a term bond due in 2031. The serial coupons range from 5% to 5.25%. The 2031 bonds have a 5.25% coupon priced at 99.374.
Proceeds will be used to acquire the Cadillac Place Office Building facility through the defeasance or discharge of existing certificates of participation.
| Issuer: | Michigan Strategic Fund
|
| Issue: | Series 2011 limited obligation revenue bonds
|
| Amount: | $119.115 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), BMO Capital Markets, PNC Capital Markets LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | June 15
|
| Settlement date: | June 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.83 million | 2014 | Serial | 5% | 109.132
|
| $3.18 million | 2015 | Serial | 5% | 110.159
|
| $3.55 million | 2016 | Serial | 5% | 110.84
|
| $3.94 million | 2017 | Serial | 5% | 110.452
|
| $4.36 million | 2018 | Serial | 5% | 109.532
|
| $4.8 million | 2019 | Serial | 5% | 108.48
|
| $5.27 million | 2020 | Serial | 5% | 107.384
|
| $5.765 million | 2021 | Serial | 5% | 106.462
|
| $6.29 million | 2022 | Serial | 5.25% | 106.98
|
| $6.865 million | 2023 | Serial | 5.25% | 105.451
|
| $7.47 million | 2024 | Serial | 5.25% | 103.95
|
| $8.115 million | 2025 | Serial | 5.25% | 102.636
|
| $8.8 million | 2026 | Serial | 5.25% | 101.826
|
| $47.88 million | 2031 | Term | 5.25% | 99.374
|
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