University of Michigan eyes $312.44 million of general revenue bonds

By Sheri Kasprzak

New York, Nov. 24 – The Regents of the University of Michigan plan to price $312.44 million of series 2015 general revenue bonds, according to a preliminary official statement.

The bonds (Aaa/AAA/) will be sold through senior manager Morgan Stanley & Co. LLC with BofA Merrill Lynch and Wells Fargo Securities LLC as the co-managers.

The maturities have not been set.

Proceeds will be used to finance the renovation of student housing, a quadrangle space, an intramural sports building and other capital improvement projects, as well as to refund the university’s series J-1 commercial paper notes and its series 2002, 2008A and 2012F bonds.

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