Michigan State Housing Development Authority plans $102.67 million

By Aaron Hochman-Zimmerman

New York, May 22 - The Michigan State Housing Development Authority plans to offer $102.67 million in two tranches of rental housing revenue bonds, according to a preliminary notice of sale.

The authority will sell $54.99 million in series A non-AMT bonds and $47.68 million in series B non-AMT bonds.

Series A will be comprised of $21.555 million of serial bonds due from 2011 to 2019 and $33.435 million in term bonds due 2024, 2029, 2034, 2039 and 2045.

Series B will be comprised of $39.805 million of serial bonds due from 2009 to 2019 and a $7.875 million term bond due 2022.

Merrill Lynch & Co., Barclays Capital Inc. and J.P. Morgan Securities Inc. will act as underwriters to the negotiated deal.

Proceeds will be used to finance home loans.

The Michigan State Housing Development Authority is located in Lansing, Mich.

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