Michigan State Housing plans to price $89.14 million revenue bonds

By Sheri Kasprzak

New York, Oct. 27 - The Michigan State Housing Development Authority is set to sell $89.14 million in series 2010 single-family homeownership revenue bonds, according to a preliminary official statement.

The offering includes $40 million in series 2010A non-AMT bonds, $3.71 million in series 2010B non-AMT bonds and $45.43 million in series 2010C AMT bonds.

The bonds (/AA/) will be sold on a negotiated basis with Barclays Capital Inc. and Morgan Stanley & Co. Inc. as the senior managers. The co-managers are Bank of America Merrill Lynch and J.P. Morgan Securities LLC.

The 2010A bonds are due 2011 to 2020 with term bonds due 2025 and 2026. The 2010B bonds are due 2014 to 2015, and the 2010C bonds are due 2011 to 2020 with term bonds due 2025, 2029 and 2030.

Proceeds will be used to make mortgage loans.

Additionally, the authority intends to convert $60 million in series 2009A-1 non-AMT bonds to a permanent rate beginning Jan. 18, 2011.

Based in Lansing, Mich., the authority provides affordable mortgage loans for low- to moderate-income homebuyers.

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