By Sheri Kasprzak
New York, April 3 - The state of Michigan priced $301.875 million in series 2009 general obligation bonds.
The sale included $204.08 million in series 2009A school loan new money and refunding bonds due from 2015 to 2020 with yields from 5.889% to 7%, as well as $64.135 million in series 2009A environmental new money and refunding bonds due 2021 to 2025 with yields from 5% to 5.62%. The deal also included $33.66 million in series 2009B environmental new money and refunding bonds due 2011 with a 4.635% yield.
The bonds were sold through lead managers Merrill Lynch & Co. and Goldman, Sachs & Co.
Proceeds will be used to make loans to school districts and to refund existing debt.
| Issuer: | State of Michigan
|
| Issue: | Series 2009 general obligation bonds
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| Amount: | $301.875 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch & Co. and Goldman, Sachs & Co. (co-lead)
|
| Pricing date: | April 1
|
| Settlement date: | April 14
|
|
|
| Series 2009A school loan new money and refunding bonds
|
| Amount: | $204.08 million
|
| Maturities: | 2015 to 2020
|
| Yields: | 5.889% to 7%
|
|
|
| Series 2009A environmental new money and refunding bonds
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| Amount: | $64.135 million
|
| Maturities: | 2021 to 2025
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| Yields: | 5% to 5.62%
|
|
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| Series 2009B environmental new money and refunding bonds
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| Amount: | $33.66 million
|
| Maturity: | 2011
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| Yield: | 4.635%
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