Michigan Strategic Fund plans to sell $220 million bonds for Van Andel Research Institute

By Sheri Kasprzak

New York, April 2 - The Michigan Strategic Fund intends to price $220 million in series 2008 adjustable-rate demand limited obligation revenue and refunding revenue bonds, according to a preliminary official statement released Wednesday. The bonds will be sold for the Van Andel Research Institute project.

The bonds (/AA+/AA) will be sold on a negotiated basis with Merrill Lynch as the lead manager.

The bonds are due April 1, 2043 and will initially bear interest at the weekly rate, according to the preliminary official statement.

The proceeds from the deal will be used to finance the cost of land acquisition and the construction of a 25,000-square-foot medical research and office facility. The rest will be used to refund the fund's series 2007 variable-rate demand limited obligation revenue bonds.

The exact pricing date was not immediately available.

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