Published on 7/20/2016 in the Prospect News Municipals Daily.
New Issue: Michigan brings to market $607.11 million of grant anticipation bonds
By Sheri Kasprzak
New York, July 20 – The State of Michigan sold $607.11 million of series 2016 grant anticipation refunding bonds, according to a pricing sheet. The deal was downsized from $612.99 million.
The bonds (A2//AA) were sold through Loop Capital Markets LLC and BofA Merrill Lynch.
The bonds are due 2018 to 2027 and have 3% to 5% coupons and yields from 0.66% to 2.07%.
Proceeds will be used to refund the state’s series 2007 and 2009B grant anticipation bonds.
| Issuer: | State of Michigan
|
| Issue: | Series 2016 grant anticipation refunding bonds
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| Amount: | $607.11 million
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| Type: | Negotiated
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| Underwriters: | Loop Capital Markets LLC and BofA Merrill Lynch (joint bookrunners), Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Siebert Brandford Shank & Co. LLC (co-managers)
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| Ratings: | Moody’s: A2
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| Fitch: AA
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| Pricing date: | July 14
|
| Settlement date: | Aug. 12
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,825,000 | 2018 | Serial | 5% | 106.859 | 0.66%
|
| $6,155,000 | 2019 | Serial | 5% | 110.723 | 0.81%
|
| $10.1 million | 2020 | Serial | 3% | 107.038 | 1.00%
|
| $42.72 million | 2020 | Serial | 5% | 114.076 | 1.00%
|
| $28,785,000 | 2021 | Serial | 5% | 117.121 | 1.16%
|
| $30.29 million | 2022 | Serial | 5% | 119.652 | 1.34%
|
| $40.56 million | 2023 | Serial | 5% | 121.607 | 1.54%
|
| $95.02 million | 2024 | Serial | 5% | 123.328 | 1.71%
|
| $101,505,000 | 2025 | Serial | 5% | 125.275 | 1.81%
|
| $119,095,000 | 2026 | Serial | 5% | 126.962 | 1.91%
|
| $127,055,000 | 2027 | Serial | 5% | 127.737 | 2.07%
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