By Sheri Kasprzak
New York, Feb. 9 - The Regents of the University of Michigan priced $184.225 million in series 2010C general revenue bonds on Tuesday, according to a term sheet.
The bonds (Aaa/AAA/) were sold competitively with Bank of America Merrill Lynch as the winning bidder.
The bonds are due 2011 to 2027 with coupons from 2% to 5%.
Proceeds will be used to fund general expenses and refund existing debt.
The University of Michigan is based in Ann Arbor, Mich.
| Issuer: | Regents of the University of Michigan
|
| Issue: | Series 2010C general revenue bonds
|
| Amount: | $184.225 million
|
| Maturities: | 2011 to 2027
|
| Coupons: | 2% to 5%
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Feb. 9
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.943
|
| 2012 | Serial | 2% | 102.836
|
| 2013 | Serial | 2% | 103.375
|
| 2014 | Serial | 3% | 107.004
|
| 2015 | Serial | 4% | 111.541
|
| 2016 | Serial | 4% | 111.159
|
| 2017 | Serial | 4% | 110.687
|
| 2018 | Serial | 5% | 117.302
|
| 2019 | Serial | 4% | 109.427
|
| 2020 | Serial | 4% | 108.578
|
| 2021 | Serial | 5% | 116.297
|
| 2022 | Serial | 4% | 105.889
|
| 2023 | Serial | 5% | 114.428
|
| 2024 | Serial | 4% | 104.226
|
| 2025 | Serial | 4% | 103.45
|
| 2026 | Serial | 5% | 111.961
|
| 2027 | Serial | 3.75% | 100
|
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