By Sheri Kasprzak
New York, Dec. 8 - The State of Michigan priced $90.98 million of series 2011 state trunk line fund bonds, said a pricing sheet.
The bonds were sold through Siebert Brandford Shank & Co. LLC and J.P. Morgan Securities LLC. The co-managers were Citigroup Global Markets Inc., Barclays Capital Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2013 to 2033 with a term bond due in 2036. The serial coupons range from 3% to 5% with yields from 0.47% to 3.97%. The 2036 bonds have a 5% coupon to yield 4.05%.
Proceeds will be used to fund certain state trunk line transportation projects to provide for improved highway safety and service throughout the state.
Issuer: | State of Michigan
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Issue: | Series 2011 state trunk line fund bonds
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Amount: | $90.98 million
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Type: | Negotiated
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Underwriters: | Siebert Brandford Shank & Co. LLC and J.P. Morgan Securities LLC (lead), Citigroup Global Markets Inc., Barclays Capital Inc. and Morgan Stanley & Co. LLC (co-managers)
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Pricing date: | Dec. 8
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Settlement date: | Dec. 22
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Amount | Maturity | Type | Coupon | Yield
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$2.155 million | 2013 | Serial | 3% | 0.47%
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$2.22 million | 2014 | Serial | 3% | 0.80%
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$2.29 million | 2015 | Serial | 3% | 1.18%
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$2.385 million | 2016 | Serial | 5% | 1.35%
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$2.505 million | 2017 | Serial | 5% | 1.52%
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$2.505 million | 2017 | Serial | 5% | 1.52%
|
$2.635 million | 2018 | Serial | 5% | 1.75%
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$2.635 million | 2018 | Serial | 5% | 1.75%
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$2.74 million | 2019 | Serial | 3% | 2.01%
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$2.74 million | 2019 | Serial | 3% | 2.01%
|
$2.855 million | 2020 | Serial | 5% | 2.23%
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$3 million | 2021 | Serial | 5% | 2.42%
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$3.155 million | 2022 | Serial | 5% | 2.61%
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$3.315 million | 2023 | Serial | 5% | 2.82%
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$680,000 | 2024 | Serial | 3% | 2.99%
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$2.8 million | 2024 | Serial | 5% | 2.99%
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$3.65 million | 2025 | Serial | 5% | 3.15%
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$3.835 million | 2026 | Serial | 5% | 3.31%
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$4.035 million | 2027 | Serial | 5% | 3.43%
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$4.24 million | 2028 | Serial | 5% | 3.54%
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$4.455 million | 2029 | Serial | 5% | 3.64%
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$4.685 million | 2030 | Serial | 5% | 3.74%
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$4.925 million | 2031 | Serial | 5% | 3.83%
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$5.15 million | 2032 | Serial | 4% | 3.96%
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$5.39 million | 2033 | Serial | 5% | 3.97%
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$17.88 million | 2036 | Term | 5% | 4.05%
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