By Sheri Kasprzak
New York, March 16 – The Michigan Finance Authority sold $311.6 million of series 2015-1 Libor floating-rate student loan asset-backed notes, said a pricing sheet.
The deal included $302.6 million of series 2015-1A notes (/AA+(sf)/AAAsf) and $9 million of series 2015-1B notes (//A+sf).
The 2015-1A notes are due April 29, 2030 and bear interest at one-month Libor plus 75 basis points and the 2015-1B notes are due April 28, 2033 and bear interest at one-month Libor plus 150 bps.
The notes were sold through BofA Merrill Lynch.
Proceeds will be used to acquire student loans.
| Issuer: | Michigan Finance Authority
|
| Issue: | Series 2015-1 Libor floating-rate student loan asset-backed notes
|
| Amount: | $311.6 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Pricing date: | March 11
|
| Settlement date: | March 24
|
|
|
| $302.6 million series 2015-1A notes (/AA+(sf)/AAAsf)
|
| Maturity | Type | Coupon | Price
|
| April 29, 2030 | Term | One-month Libor plus 75 bps | 100
|
|
|
| $9 million series 2015-1B notes (//A+sf)
|
| Maturity | Type | Coupon | Price
|
| April 28, 2033 | Term | One-month Libor plus 150 bps | 100
|
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