Michigan Municipal Bond Authority to sell $690.59 million revenue notes

By Cristal Cody

Springdale, Ark., July 30 - The Michigan Municipal Bond Authority plans to price $690.59 million revenue notes, according to a preliminary official statement.

The series 2008 notes are due Aug. 20, 2009.

The sale includes $197.465 million series 2008A1 and $493.125 million series 2008A2 notes.

Siebert Brandford Shank & Co. is the senior manager of the negotiated sale. Co-managers are J.P. Morgan Securities Inc., Banc of America Securities LLC, Citigroup Global Markets, Fidelity Capital Markets, Fifth Third Securities Inc., Merrill Lynch & Co., Morgan Stanley and Stifel, Nicolaus & Co.

Proceeds will be used to purchase notes issued by school districts in the state to meet operating cash flow deficits anticipated in the fiscal 2008-2009 school year.

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