Michigan plans $468.14 million four-tranche G.O. bond offer week of March 30

By Aaron Hochman-Zimmerman

New York, March 25 - Michigan plans to place $468.139 million in G.O. bonds over four tranches, according to Terry Stanton, public information officer.

The bonds are expected to price early in the week of March 30, possibly on March 31.

A taxable $182.565 million tranche of series 2009A general obligation school loan and refunding current interest bonds will be offered with maturities from 2015 to 2020.

A taxable $186.979 million tranche of series 2009B general obligation school loan and refunding capital appreciation bonds will be offered with maturities from 2010 to 2030.

A tax-exempt $65.02 million tranche of series 2009A general obligation current interest bonds will be offered with maturities from 2021 to 2025.

Finally, a federally taxable $33.575 million tranche of series 2009B general obligation current interest bonds will be offered with one serial maturity in 2011.

Merrill Lynch & Co. and Goldman Sachs & Co. will act as underwriters for the negotiated deal.

Proceeds will be used to make loans to school districts and to refund existing debt.

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