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Michigan coordinates $612.99 million grant anticipation refunding bonds
By Sheri Kasprzak
New York, July 12 – The State of Michigan plans to price $612.99 million of series 2016 grant anticipation refunding bonds, according to a preliminary official statement.
The bonds (A2/AA) will be sold on a negotiated basis with Loop Capital Markets LLC and BofA Merrill Lynch as the joint bookrunners. The co-managers are Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Siebert Brandford Shank & Co. LLC.
The bonds are due 2018 to 2027.
Proceeds will be used to refund the state’s series 2007 and 2009B grant anticipation bonds.
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