New Issue: Michigan Finance brings $454.1 million of state aid revenue notes

By Sheri Kasprzak

New York, Aug. 14 - The Michigan Finance Authority sold $454.1 million of series 2012B state aid revenue notes, said a pricing sheet.

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

The deal included $224,055,000 of series 2012B-1 notes and $230,045,000 of series 2012B-2 notes.

The 2012B-1 notes are due Aug. 20, 2013 and bear interest at 2% priced at 101.595. The 2012B-2 notes are due Aug. 20, 2013 and bear interest at 2% priced at 101.726.

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

Issuer:	Michigan Finance Authority
Issue:	Series 2012B state aid revenue notes
Amount:	$454.1 million
Type:	Negotiated
Underwriters:	Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (lead), J.P. Morgan Securities LLC, Loop Capital Markets LLC, PNC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. (co-managers)
Ratings:	Moody's: Aa1
	Standard & Poor's: AAA
	Fitch: AA+
Pricing date:	Aug. 14
Settlement date:	Aug. 20
$224,055,000 series 2012B-1 notes
Maturity	Type	Coupon	Price
Aug. 20, 2013	Term	2%	101.595
$230,045,000 series 2012B-2 notes
Maturity	Type	Coupon	Price
Aug. 20, 2013	Term	2%	101.726

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