By Sheri Kasprzak
New York, March 12 - The Michigan Municipal Bond Authority priced $139.6 million of series 2010 state revolving fund revenue bonds on Thursday, said a pricing sheet.
The sale included $72.18 million of series 2010 clean water revolving fund pooled project bonds and $67.42 million of series 2010 clean water revolving fund subordinate refunding bonds.
The bonds (/AAA/AAA) were sold through senior managers Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-managers were Cabrera Capital Markets Inc., Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, J.P. Morgan Securities Inc., Loop Capital Markets LLC and Roosevelt & Cross Inc.
The revenue bonds are due 2011 to 2030 with 2.25% to 5% coupons. The refunding bonds are due 2010 to 2020 with coupons from 2% to 5%.
Proceeds will be used to fund clean water initiatives and refund the authority's series 1998 clean water bonds.
| Issuer: | Michigan Municipal Bond Authority
|
| Issue: | Series 2010 state revolving fund revenue bonds
|
| Amount: | $139.6 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), Cabrera Capital Markets Inc., Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, J.P. Morgan Securities Inc., Loop Capital Markets LLC and Roosevelt & Cross Inc. (co-managers)
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 11
|
| Settlement date: | March 18
|
|
|
| Revenue bonds
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 4% | 105.428
|
| 2012 | Serial | 3% | 105.512
|
| 2012 | Serial | 5% | 110.523
|
| 2013 | Serial | 5% | 113.489
|
| 2014 | Serial | 5% | 115.768
|
| 2015 | Serial | 2.25% | 102.52
|
| 2015 | Serial | 5% | 116.961
|
| 2016 | Serial | 5% | 116.958
|
| 2017 | Serial | 4% | 109.883
|
| 2017 | Serial | 5% | 116.7
|
| 2018 | Serial | 5% | 116.517
|
| 2019 | Serial | 4% | 108.325
|
| 2019 | Serial | 5% | 116.569
|
| 2020 | Serial | 5% | 116.379
|
| 2021 | Serial | 5% | 115.313
|
| 2022 | Serial | 5% | 114.258
|
| 2023 | Serial | 5% | 113.31
|
| 2024 | Serial | 5% | 112.37
|
| 2025 | Serial | 5% | 111.441
|
| 2026 | Serial | 5% | 110.52
|
| 2027 | Serial | 5% | 110.063
|
| 2028 | Serial | 5% | 109.428
|
| 2029 | Serial | 5% | 108.617
|
| 2030 | Serial | 5% | 107.902
|
|
|
| Refunding bonds
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 2% | 100.947
|
| 2011 | Serial | 4% | 105.428
|
| 2012 | Serial | 5% | 110.523
|
| 2013 | Serial | 5% | 113.489
|
| 2014 | Serial | 5% | 115.768
|
| 2015 | Serial | 5% | 116.961
|
| 2016 | Serial | 5% | 116.958
|
| 2017 | Serial | 5% | 116.7
|
| 2018 | Serial | 5% | 116.517
|
| 2019 | Serial | 5% | 116.569
|
| 2020 | Serial | 5% | 116.379
|
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