Published on 3/10/2015 in the Prospect News Municipals Daily.
New Issue: Macomb County, Mich., brings $263.57 million retirees health G.O. bonds
By Sheri Kasprzak
New York, March 10 – Macomb County, Mich., sold $263.57 million of series 2015 taxable retirees health care limited tax general obligation bonds, said a pricing sheet.
The bonds (Aa1/AA+/) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2015 to 2030 with a term bond due in 2035. The serial coupons range from 0.57% to 4.126% all priced at par. The 2035 bonds have a 4.416% coupon priced at par.
Proceeds will be used to defray the costs of county retiree health benefits.
| Issuer: | Macomb County, Mich.
|
| Issue: | Series 2015 taxable retirees health care limited tax general obligation bonds
|
| Amount: | $263.57 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities (lead), Citigroup Global Markets Inc. and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | March 10
|
| Settlement date: | March 31
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $11 million | 2015 | Serial | 0.57% | 100
|
| $9.86 million | 2016 | Serial | 0.71% | 100
|
| $9,935,000 | 2017 | Serial | 1.238% | 100
|
| $10.03 million | 2018 | Serial | 1.731% | 100
|
| $10,195,000 | 2019 | Serial | 2.161% | 100
|
| $10.39 million | 2020 | Serial | 2.411% | 100
|
| $10,615,000 | 2021 | Serial | 2.688% | 100
|
| $10.88 million | 2022 | Serial | 2.888% | 100
|
| $11,175,000 | 2023 | Serial | 3.076% | 100
|
| $11,505,000 | 2024 | Serial | 3.226% | 100
|
| $11,865,000 | 2025 | Serial | 3.326% | 100
|
| $12,245,000 | 2026 | Serial | 3.526% | 100
|
| $12,665,000 | 2027 | Serial | 3.726% | 100
|
| $13,115,000 | 2028 | Serial | 3.926% | 100
|
| $13.59 million | 2029 | Serial | 4.076% | 100
|
| $14,105,000 | 2030 | Serial | 4.126% | 100
|
| $80.4 million | 2035 | Term | 4.416% | 100
|
|
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