Published on 6/25/2014 in the Prospect News Municipals Daily.
New Issue: State of Michigan offers up $85.29 million of general obligation bonds
By Sheri Kasprzak
New York, June 25 – The State of Michigan priced $85,295,000 of series 2014 general obligation bonds, according to a pricing sheet.
The offering included $65.14 million of series 2014A tax-exempt bonds and $20,155,000 of series 2014B taxable bonds.
The 2014A bonds are due 2023 to 2028 with 5% coupons and yields from 2.53% to 3.05%.
The 2014B bonds are due Dec. 1, 2026 and have a 3.59% coupon priced at par.
The bonds (Aa2/AA-/AA) were sold through Barclays.
Proceeds will be used to finance environmental initiatives.
| Issuer: | State of Michigan
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $85,295,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), PNC Capital Markets LLC and The Huntington Investment Co. (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | June 24
|
| Settlement date: | July 1
|
|
|
| $65.14 million series 2014A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,095,000 | 2023 | Serial | 5% | 120.578 | 2.53%
|
| $9,885,000 | 2024 | Serial | 5% | 121.469 | 2.63%
|
| $13.04 million | 2025 | Serial | 5% | 119.956 | 2.78%
|
| $17,035,000 | 2027 | Serial | 5% | 117.874 | 2.99%
|
| $18,085,000 | 2028 | Serial | 5% | 117.287 | 3.05%
|
|
|
| $20,155,000 series 2014B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2026 | Term | 3.59% | 100
|
|
|
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