By Sheri Kasprzak
New York, Dec. 16 - The Michigan Strategic Fund priced $80.925 million of series 2010 limited obligation variable-rate demand revenue bonds for the Kroger Co., according to an official statement.
The bonds (/AA+/A-1+/) were sold through senior manager Baird & Co. Inc.
The bonds are due Jan. 1, 2026 and bear interest at the weekly rate with an initial rate of 0.28%.
Proceeds will be used to construct, acquire, equip and remodel Kroger facilities within the State of Michigan.
The fund, based in Lansing, Mich., provides financing to corporations and other organizations to encourage economic development within the state. Kroger is based in Cincinnati.
| Issuer: | Michigan Strategic Fund/Kroger Co.
|
| Issue: | Series 2010 limited obligation variable-rate demand revenue bonds
|
| Amount: | $80.925 million
|
| Maturity: | Jan. 1, 2026
|
| Coupon: | 0.28% (initial)
|
| Price: | 100
|
| Type: | Negotiated
|
| Underwriter: | Baird & Co. Inc.
|
| Rating: | Standard & Poor's: AA+/A-1+
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 15
|
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