New Issue: Michigan sells $500 million G.O. notes with 1.65% initial yield

By Sheri Kasprzak

New York, Dec. 15 - The state of Michigan priced $500 million in series 2009B full faith and credit general obligation notes on Friday, according to an official statement released Monday.

The notes (MIG1/SP-1+/F1+) were sold on a negotiated basis with Goldman, Sachs & Co. as the lead manager. The co-managers are Banc of America Securities LLC, Citigroup Global Markets, Merrill Lynch & Co., Edward D. Jones & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Ramirez & Co., Siebert Brandford Shank & Co. and Stifel Nicolaus.

The notes, which are due Sept. 30, 2009, have an initial coupon of 3% to yield 1.65%.

Proceeds will be used for general expenses in fiscal year 2009.

Issuer:	State of Michigan
Issue:	Series 2009B full faith and credit general obligation notes
Amount:	$500 million
Type:	Negotiated
Underwriters:	Goldman, Sachs & Co. (lead), Banc of America Securities LLC, Citigroup Global Markets, Merrill Lynch & Co., Edward D. Jones & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Ramirez & Co., Siebert Brandford Shank & Co. and Stifel Nicolaus
Maturity:	Sept. 30, 2009
Coupon:	3%
Yield:	1.65%
Ratings:	Moody's: MIG1
	Standard & Poor's: SP-1+
	Fitch: F1+
Pricing date:	Dec. 12
Settlement date:	Dec. 17

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