Michigan's State Building Authority to bring $221.3 million of bonds

By Angela McDaniels

Tacoma, Wash., Aug. 3 - The State Building Authority of Michigan plans to price $221.3 million of 2009 series I revenue refunding bonds, according to a preliminary offering statement.

The bonds (A1/A+/A) will be sold via a syndicate of underwriters led by J.P. Morgan Securities Inc. and including Cabrera Capital Markets, LLC, Citi, Goldman, Sachs & Co., Loop Capital Markets, LLC, Mesirow Financial, Inc., Morgan Stanley & Co. and Siebert Brandford Shank & Co., LLC.

The deal will be structured with serial bonds maturing from October 2009 to October 2025.

Proceeds will be used to refund outstanding debt.

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