Wayne State University, Mich., to price $112.94 million revenue bonds

By Sheri Kasprzak

New York, Sept. 21 - The Board of Governors of Wayne State University in Michigan is expected to sell $112.935 million in series 2009A general revenue refunding bonds, according to a preliminary official statement.

The bonds (Aa3/AA-/) will be sold on a negotiated basis with Merrill Lynch & Co. Inc. as the senior manager. The co-managers are J.P. Morgan Securities Inc., Loop Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

The bonds are due 2010 to 2024 with a term bond due 2029.

Proceeds will be used to refund the university's existing series 1999 bonds, as well as to terminate a swap agreement.

Wayne State University is based in Detroit.

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