By Sheri Kasprzak
New York, Sept. 24 – The Michigan Finance Authority sold $65.55 million of series 2014 higher education limited obligation revenue refunding bonds for the Thomas M. Cooley Law School, said a pricing sheet.
The bonds (/BB+/) were sold through PNC Capital Markets LLC.
The bonds are due in 2024, 2029 and 2044. The 2024 bonds have a 6% coupon priced at 101.014 to yield 5.86%. The 2029 bonds have a 6.25% coupon, and the 2044 bonds have a 6.75% coupon both priced at par.
Proceeds will be used to refund the authority’s series 2008A-B revenue bonds.
| Issuer: | Michigan Finance Authority/Thomas M. Cooley Law School
|
| Issue: | Series 2014 higher education limited obligation revenue refunding bonds
|
| Amount: | $65.55 million
|
| Type: | Negotiated
|
| Underwriter: | PNC Capital Markets LLC
|
| Rating: | Standard & Poor’s: BB+
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,165,000 | 2024 | Term | 6% | 101.014 | 5.86%
|
| $8.38 million | 2029 | Term | 6.25% | 100 | 6.25%
|
| $51,005,000 | 2044 | Term | 6.75% | 100 | 6.75%
|
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