Michigan State prepares $72.17 million sale of rental housing bonds

By Sheri Kasprzak

New York, Nov. 5 - The Michigan State Housing Development Authority is set to price $72,165,000 of series 2012 non-AMT rental housing revenue bonds, according to a preliminary official statement.

The deal includes $64,285,000 of series 2012D bonds and $7.88 million of series 2012E bonds.

The 2012D bonds are due 2014 to 2023 with term bonds due in 2027, 2032, 2037, 2042 and 2048.

The 2012E bonds are due 2013 to 2018.

The bonds will be sold through Bank of America Merrill Lynch as the senior manager and Barclays and Morgan Stanley & Co. LLC as the co-managers.

Proceeds will be used to finance mortgages to construct, rehabilitate and renovate rental housing developments throughout the state.

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