Michigan Finance preps $615.52 million government loan program bonds

By Sheri Kasprzak

New York, July 28 – The Michigan Finance Authority is set to price $615,515,000 of series 2016 local government loan program revenue bonds, according to a preliminary official statement.

The deal includes $247.06 million of series 2016C-1 taxable City of Detroit distributable state aid first-lien limited tax general obligation refunding local tax bonds, $125,005,000 of series 2016C-2 City of Detroit third-lien bonds, $225,275,000 of series 2016C-3 City of Detroit fourth-lien bonds and $18,175,000 of series 2016C-4 City of Detroit fourth-lien bonds.

The bonds will be sold through Barclays. The co-managers are J.P. Morgan Securities LLC, BofA Merrill Lynch, Loop Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

The 2016C-1 bonds are due 2017 to 2026 with term bonds due in 2031 and 2035. The 2016C-2 bonds are due 2016 to 2026 with a term bond due in 2032. The 2016C-3 bonds are due 2017 to 2028. The 2016C-4 bonds are due 2017 to 2028.

Proceeds will be used to finance local government loans for various City of Detroit capital projects and to refund existing debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.