Michigan State University to sell $410 million in revenue bonds

By Sheri Kasprzak

New York, April 15 - The Board of Trustees of Michigan State University is planning to sell $410 million in series 2010 general revenue bonds, said a preliminary official statement.

The offering includes $205 million in series 2010A Build America Bonds and $205 million in series 2010B tax-exempt bonds.

The bonds (Aa2/AA/) will be sold through lead managers Bank of America Merrill Lynch and J.P. Morgan Securities Inc.

The 2010A bonds are due 2044 to 2050. The maturities for the series 2010B bonds have not been set.

Proceeds will be used to construct, furnish and equip a replacement for Morrill Hall; renovate, remodel and equip Brody Hall; renovate and equip the university's dining facilities; upgrade the university's payroll system; upgrade and renovate Bailey and Emmons halls; and upgrade the university's power plant.

The university is based in East Lansing, Mich.

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