By Sheri Kasprzak
New York, Oct. 6 - The Michigan Finance Authority priced $238.1 million of series 2011 revenue bonds for the School District of the City of Detroit, according to a pricing sheet.
The bonds (/A+/) were sold through Siebert Brandford Shank & Co. LLC with J.P. Morgan Securities LLC as the co-manager.
The bonds are due 2012 to 2017 with a term bond due in 2021. The serial coupons range from 4% to 5.25%. The 2021 bonds have a 5.5% coupon priced at 103.315.
Proceeds will be used to refinance the district's series 2011A-1 and 2011A-2 state aid notes.
| Issuer: | Michigan Finance Authority/School District of the City of Detroit
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $238.1 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), J.P. Morgan Securities LLC (co-manager)
|
| Rating: | Standard & Poor's: A+
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $12.57 million | 2012 | Serial | 4% | 101.218
|
| $20.355 million | 2013 | Serial | 5% | 103.99
|
| $21.37 million | 2014 | Serial | 5% | 105.257
|
| $46 million | 2016 | Serial | 5% | 105.266
|
| $24.74 million | 2017 | Serial | 5.25% | 105.727
|
| $113.065 million | 2021 | Term | 5.5% | 103.315
|
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