Published on 6/25/2013 in the Prospect News Municipals Daily.
New Issue: Michigan State Building Authority brings $582.89 million revenue bonds
By Sheri Kasprzak
New York, June 25 - The Michigan State Building Authority sold $582.89 million of series 2013 revenue and revenue refunding bonds, according to a pricing sheet.
The bonds (Aa3/A+/AA-) were sold through Citigroup Global Markets Inc. and Goldman, Sachs & Co.
The deal included $531,225,000 of series 2013-IA facilities program revenue and revenue refunding bonds and $51,665,000 of series 2013-IB facilities program taxable revenue refunding bonds.
The 2013-IA bonds are due 2014 to 2024 with term bonds due in 2029, 2033, 2044 and 2047. The serial coupons range from 3% to 5%. The 2029 bonds have a 5% coupon priced at par and the 2033 bonds have a 5% coupon priced at 98.738. The 2044 bonds have a 5.25% coupon priced at par and the 2047 bonds have a 5.25% coupon priced at 97.661.
The 2013-IB bonds are due 2013 to 2014 with 0.90% to 1% coupons both priced at par.
Proceeds will be used to refund commercial paper notes and existing bonds.
| Issuer: | Michigan State Building Authority
|
| Issue: | Series 2013 revenue and revenue refunding bonds
|
| Amount: | $582.89 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Goldman, Sachs & Co. (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, Jefferies & Co., Loop Capital Markets LLC and Drexel Hamilton LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | June 25
|
| Settlement date: | July 18
|
|
|
| $531,225,000 series 2013-IA facilities program revenue and revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19,465,000 | 2014 | Serial | 3% | 102.649
|
| $65,445,000 | 2015 | Serial | 5% | 108.123
|
| $56.28 million | 2016 | Serial | 5% | 110.262
|
| $11.74 million | 2017 | Serial | 5% | 111.448
|
| $2,905,000 | 2018 | Serial | 5% | 111.893
|
| $3.05 million | 2019 | Serial | 5% | 111.483
|
| $3,205,000 | 2020 | Serial | 5% | 111.138
|
| $3.36 million | 2021 | Serial | 5% | 110.201
|
| $22,355,000 | 2022 | Serial | 5% | 109.109
|
| $23,475,000 | 2023 | Serial | 5% | 108.504
|
| $24,645,000 | 2024 | Serial | 5% | 107.286
|
| $137.77 million | 2029 | Term | 5% | 100
|
| $22,445,000 | 2033 | Term | 5% | 98.738
|
| $95.65 million | 2044 | Term | 5.25% | 100
|
| $39,435,000 | 2047 | Term | 5.25% | 97.661
|
|
|
| $51,665,000 series 2013-IB facilities program taxable revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.72 million | 2013 | Serial | 0.90% | 100
|
| $44,945,000 | 2014 | Serial | 1% | 100
|
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