By Sheri Kasprzak
New York, May 5 - The Michigan Municipal Bond Authority sold $167.57 million in series 2009B state aid revenue notes for the School District of the City of Detroit, according to an official statement released Tuesday.
The notes (/SP-1+/) priced Friday through J.P. Morgan Securities Inc. and Siebert Brandford Shank & Co. LLC.
The 6% notes are due Jan. 20, 2010, and priced to yield 4.75%.
The proceeds will be used for school improvements.
Issuer: | Michigan Municipal Bond Authority/School District of the City of Detroit
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Issue: | Series 2009B state aid revenue notes
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Amount: | $167.57 million
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities Inc. and Siebert Brandford Shank & Co. LLC (lead)
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Maturity: | Jan. 20, 2010
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Coupon: | 6%
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Price: | 100.853
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Yield: | 4.75%
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Rating: | Standard & Poor's: SP-1+
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Pricing date: | May 1
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Settlement date: | May 6
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