State Building Authority, Mich., preps $540.7 million revenue bond deal

By Sheri Kasprzak

New York, June 11 - The State Building Authority of Michigan plans to price $540,695,000 of series 2013 revenue and revenue refunding bonds, according to a preliminary official statement.

The deal includes $505,985,000 series 2013-I-A facilities program revenue and revenue refunding bonds and $34.71 million series 2013-I-B facilities program taxable revenue refunding bonds.

The series 2013-I-A bonds are due 2014 to 2033 with term bonds due in 2043 and 2047. The series 2013-I-B bonds are due 2013 to 2015.

The bonds (Aa3/A+/AA-) will be sold on a negotiated basis with Citigroup Global Markets Inc. and Goldman, Sachs & Co. as the senior managers. The co-managers are BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, Jefferies & Co., Loop Capital Markets LLC and Drexel Hamilton LLC.

Proceeds will be used to refund certain commercial paper notes and existing bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.