Michigan Finance prepares $128.66 million water supply revenue bonds

By Sheri Kasprzak

New York, Nov. 13 – The Michigan Finance Authority is expected to price $128,655,000 of series 2015D local government loan program water supply system revenue bonds for the Detroit Water and Sewerage Department on Tuesday, according to a preliminary official statement.

The offering includes $89,895,000 of series 2015D-1 bonds and $38.76 million of series 2015D-2 bonds.

The 2015D-1 bonds are due 2016 to 2034 and the 2015D-2 bonds are due in 2034.

Citigroup Global Markets Inc. is the senior manager with Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, PNC Capital Markets LLC, Loop Capital Markets LLC and Piper Jaffray & Co.

Proceeds will be used to purchase obligations held by the Detroit Water and Sewerage Department.

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