Michigan Strategic Fund coordinates $63.66 million revenue bond deal

By Sheri Kasprzak

New York, Feb. 10 – The Michigan Strategic Fund is expected to come to market with $63,655,000 of series 2015 limited obligation revenue bonds for the Michigan Senate Offices project, according to a preliminary official statement.

The bonds (/A+/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager and Goldman, Sachs & Co. and Morgan Stanley & Co. LLC as the co-managers.

The deal includes $60,195,000 of series 2015A bonds and $3.46 million of series 2015B taxable bonds.

The 2015A bonds are due 2024 to 2035 with term bonds due in 2040 and 2047.

The 2015B bonds are due 2018 to 2027.

Proceeds will be used to acquire a condominium unit for state senate offices.

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