By Sheri Kasprzak
New York, Oct. 14 - The State of Michigan brought $219.41 million in series 2010 general obligation refunding bonds on Thursday, according to a pricing sheet.
The sale included $83.825 million in series 2010B G.O. school loan and refunding taxable bonds, $46.585 million in series 2010A G.O. environmental program refunding tax-exempt bonds and $89 million in series 2010B environmental program federally taxable refunding bonds.
The bonds (Aa2/AA-/) were sold through Bank of America Merrill Lynch with BMO Capital Markets LLC, Citigroup Global Markets Inc., Jefferies & Co., J.P. Morgan Securities LLC, M.R. Beal & Co., PNC Capital Markets LLC and Ramirez & Co. Inc. as the co-managers.
The 2010B school loan bonds are due 2016 to 2020 with 3.029% to 4.14% coupons, all priced at par. The 2010A environmental program bonds are due 2012 to 2020 with coupons from 2% to 5%. The 2010B environmental program bonds are due 2013 to 2015 with 1.772% to 2.552% coupons, all priced at par.
Proceeds will be used to fund capital improvements and refund debt.
| Issuer: | State of Michigan
|
| Issue: | Series 2010 general obligation refunding bonds
|
| Amount: | $219.41 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), BMO Capital Markets LLC, Citigroup Global Markets Inc., Jefferies & Co., J.P. Morgan Securities LLC, M.R. Beal & Co., PNC Capital Markets LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 20
|
|
|
| $83.825 million series 2010B school loan and refunding taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.02 million | 2016 | Serial | 3.029% | 100
|
| $14.43 million | 2017 | Serial | 3.279% | 100
|
| $14.915 million | 2018 | Serial | 3.89% | 100
|
| $15.46 million | 2019 | Serial | 3.99% | 100
|
| $25 million | 2020 | Serial | 4.14% | 100
|
|
|
| $46.585 million series 2010A environmental program refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.375 million | 2012 | Serial | 4% | 106.265
|
| $3.855 million | 2013 | Serial | 4% | 108.401
|
| $3.975 million | 2014 | Serial | 3.5% | 107.956
|
| $4.33 million | 2015 | Serial | 4% | 110.738
|
| $1 million | 2016 | Serial | 2% | 99.83
|
| $3 million | 2016 | Serial | 4% | 111.128
|
| $925,000 | 2017 | Serial | 3% | 104.718
|
| $600,000 | 2018 | Serial | 4% | 110.928
|
| $3 million | 2018 | Serial | 5% | 118.166
|
| $10.98 million | 2019 | Serial | 5% | 117.883
|
| $11.545 million | 2020 | Serial | 5% | 117.686
|
|
|
| $89 million series 2010B environmental program refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $27.575 million | 2013 | Serial | 1.772% | 100
|
| $29.39 million | 2014 | Serial | 2.302% | 100
|
| $32.035 million | 2015 | Serial | 2.552% | 100
|
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