Michigan Municipal Bond Authority to bring $560 million in school loan revolving fund bonds

By Sheri Kasprzak

New York, March 7 - Michigan Municipal Bond Authority will price $560 million in school loan revolving fund revenue and refunding bonds, an official statement said.

The offering includes $160 million in series 2008A-1 weekly rate bonds, $100 million in series 2008A-2 bonds, $150 million in series 2008A-3 term-rate bonds and $150 million in series 2008A-4 bonds.

The bonds (AA-/F1+) will be sold on a negotiated basis through lead manager Merrill Lynch & Co. Bear, Stearns & Co.; Fidelity Capital Markets; and JPMorgan are the co-managers.

All four series of bonds are due 2048.

Proceeds will be used to make loans under the school loan revolving fund, to make loan payments to the state of Michigan, to refund previous bonds and to make deposits to reserve and clearing accounts.

The pricing date could not be confirmed by press time Friday.

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