Published on 2/18/2015 in the Prospect News Municipals Daily.
New Issue: Michigan Finance sells $192.58 million local government program bonds
By Sheri Kasprzak
New York, Feb. 18 – The Michigan Finance Authority sold $192.58 million of series 2015A local government program revenue bonds, according to a preliminary official statement.
The bonds (/AA-/AA) were sold through J.P. Morgan Securities LLC and Loop Capital Markets LLC.
The bonds are due 2016 to 2025 with 3% to 5% coupons and 0.72% to 2.94% yields.
Proceeds will be used to refund the authority’s series 2005A school building and site improvement refunding bonds.
| Issuer: | Michigan Finance Authority
|
| Issue: | Series 2015A local government loan program revenue bonds
|
| Amount: | $192.58 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Loop Capital Markets LLC (lead)
|
| Ratings: | Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $22,605,000 | 2016 | Serial | 3% | 102.574 | 0.72%
|
| $29,105,000 | 2017 | Serial | 5% | 108.32 | 1.05%
|
| $29.41 million | 2018 | Serial | 5% | 111.332 | 1.30%
|
| $19,635,000 | 2019 | Serial | 5% | 113.768 | 1.55%
|
| $20,625,000 | 2020 | Serial | 5% | 115.576 | 1.81%
|
| $21,655,000 | 2021 | Serial | 5% | 116.361 | 2.14%
|
| $11.52 million | 2022 | Serial | 5% | 116.67 | 2.44%
|
| $4 million | 2023 | Serial | 3.25% | 104.214 | 2.67%
|
| $8,105,000 | 2023 | Serial | 5% | 116.935 | 2.67%
|
| $12,645,000 | 2024 | Serial | 5% | 117.446 | 2.82%
|
| $13,275,000 | 2025 | Serial | 5% | 117.939 | 2.94%
|
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