Published on 8/21/2009 in the Prospect News Municipals Daily.
New Issue: Michigan Municipal Bond Authority brings $662.97 million state aid revenue notes
By Sheri Kasprzak
New York, Aug. 21 - The Michigan Municipal Bond Authority priced on Thursday $662.97 million of series 2009C state aid revenue notes, said a pricing sheet.
The notes (/SP-1+/) were sold through lead managers J.P. Morgan Securities Inc. and Siebert Brandford Shank & Co. LLC. Cabrera Capital Markets LLC, Edward Jones Inc., Fidelity Capital Markets Inc., Fifth Third Securities Inc., Janney Montgomery Scott LLC, Merrill Lynch & Co. Inc., Raymond James & Associates Inc. and Stifel, Nicolaus & Co. Inc. were the co-managers.
The bonds were sold in three tranches. The sale included $272.26 million of series 2009C-1 notes with a 3% coupon to yield 1.4%; $223.945 million of series 2009C-2 notes with a 2.5% coupon to yield 0.85%; and $166.765 million of series 2009C-3 notes with a 2.5% coupon to yield 0.85%. All of the notes are due Aug. 20, 2010.
Proceeds will be used to purchase notes issued by certain school districts within the state.
| Issuer: | Michigan Municipal Bond Authority
|
| Issue: | Series 2009C state aid revenue notes
|
| Amount: | $662.97 million
|
| Maturity: | Aug. 20, 2010
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Siebert Brandford Shank & Co. LLC (lead), Cabrera Capital Markets LLC, Edward Jones Inc., Fidelity Capital Markets Inc., Fifth Third Securities Inc., Janney Montgomery Scott LLC, Merrill Lynch & Co. Inc., Raymond James & Associates Inc. and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Standard & Poor's: SP-1+
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 20
|
|
|
| Series 2009C-1bonds
|
| Amount: | $272.26 million
|
| Coupon: | 3%
|
| Yield: | 1.4%
|
|
|
| Series 2009C-2 bonds
|
| Amount: | $223.945 million
|
| Coupon: | 2.5%
|
| Yield: | 0.85%
|
|
|
| Series 2009C-3 bonds
|
| Amount: | $166.765 million
|
| Coupon: | 2.5%
|
| Yield: | 0.85%
|
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