Published on 2/23/2015 in the Prospect News Municipals Daily.
New Issue: Michigan Strategic Fund sells $68.47 million of limited obligation debt
By Sheri Kasprzak
New York, Feb. 23 – The Michigan Strategic Fund sold $68,465,000 of series 2015 limited obligation revenue bonds, said a pricing sheet.
The deal included $65,025,000 of series 2015A tax-exempt bonds and $3.44 million of series 2015B taxable bonds.
The 2015A bonds are due 2023 to 2035 with term bonds due in 2040 and 2047. The serial bonds have 5% coupons and yields from 2.57% to 3.61%. The 2040 bonds have a 5.25% coupon priced at 113.242 to yield 3.73%. The 2047 bonds have a 4% coupon priced at 95.945 to yield 4.23%.
The 2015B bonds are due 2018 to 2026 with 2.105% to 3.813% coupons, all priced at par.
The bonds (/A+/) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to acquire a condominium unit for state senate offices.
| Issuer: | Michigan Strategic Fund
|
| Issue: | Series 2015 limited obligation revenue bonds
|
| Amount: | $68,465,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Goldman Sachs & Co. and Morgan Stanley & Co. LLC (co-managers)
|
| Rating: | Standard & Poor’s: A+
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 25
|
|
|
| $65,025,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $250,000 | 2023 | Serial | 5% | 118.715 | 2.57%
|
| $300,000 | 2024 | Serial | 5% | 118.747 | 2.77%
|
| $350,000 | 2025 | Serial | 5% | 118.699 | 2.94%
|
| $650,000 | 2026 | Serial | 5% | 117.103 | 3.10%
|
| $1.06 million | 2027 | Serial | 5% | 115.825 | 3.23%
|
| $1.19 million | 2028 | Serial | 5% | 115.047 | 3.31%
|
| $1.33 million | 2029 | Serial | 5% | 114.66 | 3.35%
|
| $1.48 million | 2030 | Serial | 5% | 114.179 | 3.40%
|
| $1.64 million | 2031 | Serial | 5% | 113.7 | 3.45%
|
| $1,805,000 | 2032 | Serial | 5% | 113.319 | 3.49%
|
| $1,985,000 | 2033 | Serial | 5% | 112.939 | 3.53%
|
| $2.17 million | 2034 | Serial | 5% | 112.561 | 3.57%
|
| $2.37 million | 2035 | Serial | 5% | 112.184 | 3.61%
|
| $15.36 million | 2040 | Term | 5.25% | 113.242 | 3.73%
|
| $33,085,000 | 2047 | Term | 4% | 95.945 | 4.23%
|
|
|
| $3.44 million series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $225,000 | 2018 | Serial | 2.105% | 100
|
| $295,000 | 2019 | Serial | 2.522% | 100
|
| $370,000 | 2020 | Serial | 2.822% | 100
|
| $450,000 | 2021 | Serial | 3.064% | 100
|
| $535,000 | 2022 | Serial | 3.364% | 100
|
| $375,000 | 2023 | Serial | 3.463% | 100
|
| $425,000 | 2024 | Serial | 3.613% | 100
|
| $475,000 | 2025 | Serial | 3.713% | 100
|
| $290,000 | 2026 | Serial | 3.813% | 100
|
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