By Sheri Kasprzak
New York, April 9 - The state of Michigan priced $236.13 million in general obligation bonds on Tuesday, the issuer confirmed with Prospect News Wednesday.
The bonds (//AA-) were sold on a negotiated basis through lead managers Bear, Stearns & Co. and J.P. Morgan Securities Inc. Co-managers were Depfa First Albany Securities, Fidelity Capital Market Services, Fifth Third Securities, Loop Capital Markets and Wachovia Securities.
The bonds have a true interest cost of 3.893197% and an average coupon of 4.921235%.
The bonds are due May 1, 2019, and proceeds from the sale will be used for environmental projects throughout the state.
| Issuer: | Michigan
|
| Issue: | General obligation bonds
|
| Amount: | $236.13 million
|
| Type: | Negotiated
|
| Maturity: | May 1, 2019
|
| Average coupon: | 4.921235%
|
| True interest cost: | 3.893197%
|
| Underwriters: | Bear, Stearns & Co. and J.P. Morgan Securities Inc. (lead); Depfa First Albany Securities; Fidelity Capital Market Services; Fifth Third Securities; Loop Capital Markets; Wachovia Securities
|
| Pricing date: | April 8
|
| Settlement date: | April 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
