By Cristal Cody
Prospect News, April 4 - The State of Michigan priced $225 million of series 2012A taxable school loan and refunding general obligation bonds on Wednesday, an informed bond source said.
The bonds (Aa2/AA-/AA-) were sold competitively with J.P. Morgan Securities LLC winning the bid out of eight bidders. The bonds priced with a true interest cost of 3.08%.
The bonds due 2013 through 2017 priced with coupons from 0.45% to 3.85% to yield 0.45% to 3.89%.
Robert W. Baird & Co. Inc. was the financial adviser.
Proceeds will be used to make loans to local school districts and to refund existing debt.
| Issuer: | State of Michigan
|
| Amount: | $225 million
|
| Issue: | Taxable school loan and refunding general obligation bonds
|
| Maturities: | 2013-2017
|
| True interest cost: | 3.08%
|
| Coupons: | 0.45%-3.85%
|
| Yields: | 0.45%-3.89%
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | April 4
|
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