Grand Rapids, Mich., to sell $56.55 million sanitary sewer bonds

By Sheri Kasprzak

New York, Sept. 2 – The City of Grand Rapids, Mich., is set to price $56,545,000 of series 2014 sanitary sewer system revenue improvement and refunding bonds, according to a preliminary official statement.

The bonds (Aa1/AA+/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-managers are J.J.B. Hilliard, W.L. Lyons LLC; Loop Capital Markets LLC; and Siebert Brandford Shank & Co. LLC.

The bonds are due 2015 to 2035 with term bonds due in 2039 and 2044.

Proceeds will be used to finance capital improvements to the city’s sanitary sewer system and refund existing debt.

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