Michigan Finance offers $225 million school loan revolving fund bonds

By Sheri Kasprzak

New York, April 9 – The Michigan Finance Authority is set to price $225 million of series 2015A taxable school loan revolving fund revenue bonds, according to a preliminary official statement.

The bonds (Aa2/AA+/) will be sold on a negotiated basis with BofA Merrill Lynch and Goldman Sachs & Co. as the lead managers. The co-managers are BMO Capital Markets LLC, PNC Capital Markets LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC.

The bonds are due 2026 to 2030 with term bonds due in 2035 and 2045.

Proceeds will be used to finance loans to qualified school districts for capital improvements.

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