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Michigan Finance to sell $2.97 billion unemployment obligation bonds
By Sheri Kasprzak
New York, May 31 - The Michigan Finance Authority is set to price $2,968,595,000 of series 2012 unemployment obligation assessment revenue bonds, according to a preliminary official statement.
The deal includes $1,469,645,000 of series 2012A revenue bonds, $1,248,950,000 of series 2012B revenue bonds and $250 million of series 2012C variable-rate demand bonds.
Citigroup Global Markets Inc. is the senior manager for the 2012A-B bonds and the underwriter for the 2012C bonds. Bank of America Merrill Lynch is the co-lead manager for the 2012A-B bonds. The co-managers for the 2012A-B bonds are Barclays Capital Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Wells Fargo Securities LLC, BMO Capital Markets LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Siebert Brandford Shank & Co. LLC, Fifth Third Securities Inc., The Huntington Investment Co., PNC Capital Markets LLC and Ramirez & Co.
The 2012A bonds are due 2013 to 2019, and the 2012B bonds are due 2020 to 2024. The 2012C bonds are due July 1, 2024.
Proceeds will be used to refund existing debt and make a deposit into the authority's liquidity reserve fund.
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