Published on 5/10/2012 in the Prospect News Municipals Daily.
New Issue: Michigan Finance sells $134.59 million Detroit School District bonds
By Sheri Kasprzak
New York, May 10 - The Michigan Finance Authority sold $134,585,000 of series 2012 revenue bonds for the School District of the City of Detroit, according to a term sheet.
The bonds (/A+/) were sold through J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC. The co-manager was Loop Capital Markets LLC.
The bonds are due 2013 to 2020 with 2% to 5% coupons.
Proceeds will be used to redeem the school district's series 2005 bonds.
| Issuer: | Michigan Finance Authority/School District of the City of Detroit
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $134,585,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (lead), Loop Capital Markets LLC (co-manager)
|
| Rating: | Standard & Poor's: A+
|
| Pricing date: | May 10
|
| Settlement date: | May 17
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.3 million | 2013 | Serial | 2% | 100.771
|
| $4,835,000 | 2014 | Serial | 4% | 104.261
|
| $10 million | 2014 | Serial | 5% | 106.252
|
| $15,525,000 | 2015 | Serial | 5% | 108.308
|
| $16.3 million | 2016 | Serial | 5% | 109.707
|
| $5 million | 2017 | Serial | 4% | 105.94
|
| $12.12 million | 2017 | Serial | 5% | 110.617
|
| $17,925,000 | 2018 | Serial | 5% | 111.496
|
| $18.82 million | 2019 | Serial | 5% | 111.931
|
| $19.76 million | 2020 | Serial | 5% | 111.766
|
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