Michigan preps $510 million sale of state aid revenue notes due 2013

By Sheri Kasprzak

New York, July 26 - The Michigan Finance Authority is set to price $510 million of series 2012B state aid revenue notes, according to a preliminary official statement.

The notes will be sold through senior managers Morgan Stanley & Co. LLC and Wells Fargo Securities LLC. The co-managers are J.P. Morgan Securities LLC, Loop Capital Markets LLC, PNC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co.

The offering includes $245 million of series 2012B-1 notes and $265 million of series 2012B-2 notes.

The notes are due Aug. 20, 2013.

Proceeds will be used to provide governmental units with funds for operational shortfalls during the coming fiscal year.

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