By Sheri Kasprzak
New York, March 3 - The Michigan Finance Authority priced $231 million of series 2011 state aid revenue notes for the School District of the City of Detroit, said a pricing sheet.
The offering included $120 million of series 2011A-1 notes and $111 million of series 2011A-2 notes.
The bonds were sold through senior managers J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC.
The 2011A-1 notes are due Feb. 20, 2012 and have a 6.45% coupon priced at par. The 2011A-2 notes are due March 20, 2012 and have a 6.65% coupon priced at par.
Proceeds will be used to purchase notes to be issued by the school district.
| Issuer: | Michigan Finance Authority/School District of the City of Detroit
|
| Issue: | Series 2011 state aid revenue notes
|
| Amount: | $231 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC
|
| Pricing date: | March 3
|
| Settlement date: | March 21
|
|
|
| $120 million series 2011A-1
|
| Maturity | Type | Coupon | Price
|
| Feb. 20, 2012 | Term | 6.45% | 100
|
|
|
| $111 million series 2011A-2
|
| Maturity | Type | Coupon | Price
|
| March 20, 2012 | Term | 6.65% | 100
|
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