Karegnondi Water, Mich., organizes $220.5 million water bond offering

By Sheri Kasprzak

New York, March 24 - The Karegnondi Water Authority of Michigan is set to price $220.5 million of series 2014A water supply system bonds, according to a preliminary official statement.

The bonds (A2/A+/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager and Wells Fargo Securities LLC and Stifel, Nicolaus Co. LLC as the co-managers.

The maturities have not been set.

Proceeds will be used to finance capital improvements to the authority's water system.

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