Michigan State Building Authority preps $665 million revenue bonds

By Sheri Kasprzak

New York, July 12 – The Michigan State Building Authority is set to price $665 million of series 2016-I revenue and refunding bonds, according to a preliminary official statement.

The bonds (Aa2/A+/AA-) will be sold on a negotiated basis with Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. as the senior managers. The co-managers are BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC, Drexel Hamilton LLC, Loop Capital Markets LLC and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to refund existing commercial paper notes and the authority’s series 2008 revenue bonds.

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