By Sheri Kasprzak
New York, April 4 - The Michigan Finance Authority sold $150 million of series 2014A taxable school loan revolving fund revenue bonds, according to an official statement.
The bonds (VMIG 1/A-1/F1) were sold through J.P. Morgan Securities LLC and BofA Merrill Lynch.
The bonds are due 2053 and initially bear interest at the weekly rate.
Proceeds will be used to make loans to local school districts within the state for capital improvements.
| Issuer: | Michigan Finance Authority
|
| Issue: | Series 2014A taxable school loan revolving fund revenue bonds
|
| Amount: | $150 million
|
| Maturity: | Sept. 1, 2053
|
| Coupon: | Weekly rate
|
| Price: | 100
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BoA Merrill Lynch (lead)
|
| Ratings: | Moody's: VMIG 1
|
| Standard & Poor's: A-1
|
| Fitch: F1
|
| Pricing date: | April 3
|
| Settlement date: | April 10
|
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