University of Michigan prices $224.145 million auction-rate general revenue bonds

By Sheri Kasprzak

New York, Feb. 26 - Regents of the University of Michigan priced $224.145 million in general revenue bonds, a preliminary official statement said Tuesday.

The bonds priced on Monday, but the initial rates were not immediately available.

The offering included $105.81 million in series 2008A bonds and $118.335 million in series 2008B bonds. The series A bonds are due April 1, 2038, and the B bonds are due April 1, 2028, the official statement said.

The 2008A bonds reset at the daily rate, and the 2008B bonds reset at the weekly rate.

The university plans to use the proceeds to pay for capital projects and to pay outstanding debt.

UBS Securities was the underwriter.

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