Michigan Municipal Bond to price $690.59 million revenue notes Tuesday

By Cristal Cody

Springdale, Ark., Aug. 4 - The Michigan Municipal Bond Authority expects to price its previously announced $690.59 million revenue notes on Tuesday, a source told Prospect News.

The series 2008 notes will mature 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 from school districts to provide funds to meet operating cash flow deficits anticipated in the 2008-2009 fiscal year.

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