Published on 2/8/2013 in the Prospect News Municipals Daily.
New Issue: Michigan Finance prices $168.86 million revolving fund refunding bonds
By Sheri Kasprzak
New York, Feb. 8 - The Michigan Finance Authority priced $168,855,000 of series 2013 state revolving fund revenue refunding bonds, according to a pricing sheet.
The deal included $137,745,000 of series 2013 clean water revolving fund subordinate refunding bonds and $31.11 million of series 2013 drinking water revolving fund subordinate refunding bonds.
The clean water bonds are due 2013 to 2026 with 2% to 5% coupons.
The drinking water bonds are due 2013 and 2015 to 2026 with 1% to 5% coupons.
The bonds (/AAA/AAA) were sold through J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
Proceeds will be used to refund the authority's series 2004 clean water revenue bonds and series 2004 drinking water revenue bonds.
| Issuer: | Michigan Finance Authority
|
| Issue: | Series 2013 state revolving fund revenue refunding bonds
|
| Amount: | $168,855,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead), Citigroup Global Markets Inc., BofA Merrill Lynch, PNC Capital Markets LLC, Loop Capital Markets LLC, Jefferies & Co. and KeyBanc Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 20
|
|
|
| $137,745,000 series 2013 clean drinking water revolving fund subordinate refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.69 million | 2013 | Serial | 2% | 101.128
|
| $145,000 | 2014 | Serial | 3% | 104.36
|
| $9.92 million | 2015 | Serial | 5% | 111.837
|
| $10.42 million | 2016 | Serial | 5% | 115.589
|
| $10.93 million | 2017 | Serial | 5% | 119.036
|
| $11.48 million | 2018 | Serial | 5% | 121.782
|
| $12.05 million | 2019 | Serial | 5% | 123.232
|
| $12.61 million | 2020 | Serial | 5% | 124.685
|
| $13.05 million | 2021 | Serial | 5% | 126.154
|
| $13.59 million | 2022 | Serial | 5% | 127.12
|
| $13,785,000 | 2023 | Serial | 5% | 125.62
|
| $13,485,000 | 2024 | Serial | 5% | 124.927
|
| $9.82 million | 2025 | Serial | 5% | 123.945
|
| $3.77 million | 2026 | Serial | 5% | 123.166
|
|
|
| $31.11 million series 2013 drinking water revolving fund subordinate refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $675,000 | 2013 | Serial | 1% | 100.509
|
| $2,275,000 | 2015 | Serial | 5% | 111.837
|
| $2.38 million | 2016 | Serial | 5% | 115.589
|
| $2,495,000 | 2017 | Serial | 5% | 119.036
|
| $2,625,000 | 2018 | Serial | 5% | 121.782
|
| $2,755,000 | 2019 | Serial | 5% | 123.232
|
| $2.88 million | 2020 | Serial | 5% | 124.685
|
| $3,035,000 | 2021 | Serial | 5% | 126.154
|
| $3,185,000 | 2022 | Serial | 5% | 127.12
|
| $3.31 million | 2023 | Serial | 5% | 125.62
|
| $3,765,000 | 2024 | Serial | 5% | 124.927
|
| $1,355,000 | 2025 | Serial | 5% | 123.945
|
| $375,000 | 2026 | Serial | 5% | 123.166
|
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