Published on 8/14/2014 in the Prospect News Municipals Daily.
New Issue: Michigan brings to market $266.46 million of trunk line refunding bonds
By Sheri Kasprzak
New York, Aug. 14 – The State of Michigan sold $266,455,000 of series 2014 state trunk line fund refunding bonds, according to a pricing sheet.
The bonds were sold through senior managers Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2021 with 2% to 5% coupons and 0.15% to 1.83% yields.
Proceeds will be used to refund the state’s series 2004 state trunk line fund bonds, series 2005B state trunk line fund refunding bonds and 2006 state trunk line fund bonds.
| Issuer: | State of Michigan
|
| Issue: | Series 2014 state trunk line fund refunding bonds
|
| Amount: | $266,455,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Loop Capital Markets LLC and J.P. Morgan Securities LLC (co-managers)
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 27
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $39.74 million | 2015 | Serial | 2% | 102.247 | 0.15%
|
| $5 million | 2016 | Serial | 3% | 105.708 | 0.41%
|
| $36.06 million | 2016 | Serial | 5% | 110.117 | 0.41%
|
| $60,925,000 | 2017 | Serial | 5% | 113.549 | 0.73%
|
| $5 million | 2018 | Serial | 4% | 112.179 | 1.04%
|
| $58.49 million | 2018 | Serial | 5% | 118.379 | 1.34%
|
| $20.39 million | 2020 | Serial | 5% | 120.04 | 1.60%
|
| $21,405,000 | 2021 | Serial | 5% | 121.336 | 1.83%
|
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