Michigan DOT to sell $280 million in grant anticipation bonds, BABs

By Sheri Kasprzak

New York, June 15 - The state of Michigan is scheduled to sell $280 million in series 2009 grant anticipation bonds, according to a preliminary official statement. The bonds will be sold for the Michigan Department of Transportation. The sale is expected for this week.

The bonds will be sold through senior managers Merrill Lynch & Co. Inc. and Citigroup Global Markets Inc. The co-managers are Goldman, Sachs & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; and Siebert Brandford Shank & Co. LLC.

The sale includes series 2009A tax-exempt bonds and series 2009B Build America Bonds, but the exact breakdown has not yet been determined.

The series 2009A bonds are due 2024 to 2027 and the BABs are due 2024 to 2027.

Proceeds will be used to fund transportation infrastructure projects.

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