Published on 4/15/2013 in the Prospect News Municipals Daily.
New Issue: Michigan releases details on $200 million school loan G.O. bonds
By Sheri Kasprzak
New York, April 11 - The State of Michigan released additional information on its $200 million sale of series 2013A taxable school loan general obligation bonds, according to a pricing sheet.
The bonds (Aa2/AA-/AA) were sold competitively with Citigroup Global Markets Inc. winning the bid.
The bonds are due 2024 to 2033 with 2.65% to 3.8% coupons.
Proceeds will be used to finance loans to school districts.
| Issuer: | State of Michigan
|
| Issue: | Series 2013A taxable school loan general obligation bonds
|
| Amount: | $200 million
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc. (winner)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,225,000 | 2024 | Serial | 2.65% | 99.713
|
| $17,725,000 | 2025 | Serial | 2.85% | 100.172
|
| $18,265,000 | 2026 | Serial | 3% | 99.676
|
| $18.85 million | 2027 | Serial | 3.2% | 100.169
|
| $19,485,000 | 2028 | Serial | 3.3% | 100.168
|
| $20,155,000 | 2029 | Serial | 3.4% | 100
|
| $20.87 million | 2030 | Serial | 3.5% | 100
|
| $21.64 million | 2031 | Serial | 3.6% | 100
|
| $22,455,000 | 2032 | Serial | 3.7% | 100
|
| $23.33 million | 2033 | Serial | 3.8% | 100
|
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