State of Michigan to price $233.47 million in general obligation bonds Tuesday

By Sheri Kasprzak

New York, April 3 - The State of Michigan intends to price $233.47 million in general obligation bonds on Tuesday, a preliminary official statement said Thursday.

The offering includes $200.56 million in series 2008A environmental program and refunding general obligation bonds, $19.355 million in series 2008B environmental program and refunding G.O. bonds, $12.145 million in series 2008C environmental program G.O. refunding bonds and $1.41 million in series 2008D environmental program G.O. refunding bonds.

The maturities have not been set.

The bonds (//AA-) will be sold on a negotiated basis through lead managers Bear, Stearns & Co. and JPMorgan. The co-managers are Depfa First Albany Securities, Fidelity Capital Market Services, Fifth Third Securities, Loop Capital Markets and Wachovia Securities.

Proceeds will be used for environmental programs throughout the state.

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