By Sheri Kasprzak
New York, Aug. 26 - The Michigan Finance Authority sold $92 million of series 2013C state aid revenue notes for the Detroit School District, according to a pricing sheet.
The notes (/SP-1/) were sold through J.P. Morgan Securities LLC and Loop Capital Markets LLC.
The notes are due Aug. 20, 2014 and have a 4.375% coupon priced at par.
Proceeds will be used to finance capital improvements to Detroit schools.
| Issuer: | Michigan Finance Authority/Detroit School District
|
| Issue: | Series 2013C state aid revenue notes
|
| Amount: | $92 million
|
| Maturity: | Aug. 20, 2014
|
| Coupon: | 4.375%
|
| Price: | 100
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Loop Capital Markets LLC (lead)
|
| Rating: | Standard & Poor's: SP-1
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 27
|
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