Published on 7/30/2015 in the Prospect News Municipals Daily.
New Issue: State Building Authority, Mich., sells $989.95 million of revenue bonds
By Sheri Kasprzak
New York, July 30 – The State Building Authority of Michigan priced $989,945,000 of series 2015-I facilities program revenue and revenue refunding bonds, said a pricing sheet. The deal was downsized from $990 million.
The bonds were sold through lead managers J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The bonds are due 2015 and 2019 to 2035 with term bonds due in 2038, 2040, 2045 and 2050. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 111.335, and the 2040 bonds have a 4% coupon priced at 98.761. The 2045 bonds have a 5% coupon priced at 110.089, and the 2050 bonds have a 5% coupon priced at 108.599.
Proceeds will be used to refund the authority’s series 2005, 2006 and 2008 revenue and refunding bonds.
| Issuer: | State Building Authority
|
| Issue: | Series 2015-I facilities program revenue and revenue refunding bonds
|
| Amount: | $989,945,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co., Barclays, Drexel Hamilton LLC and Loop Capital Markets LLC (co-managers)
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 31
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.73 million | 2015 | Serial | 2% | 100.17
|
| $32.03 million | 2019 | Serial | 5% | 112.935
|
| $33.67 million | 2020 | Serial | 5% | 115.137
|
| $35.4 million | 2021 | Serial | 5% | 116.57
|
| $26.44 million | 2022 | Serial | 5% | 117.232
|
| $27.79 million | 2023 | Serial | 5% | 117.629
|
| $17.96 million | 2024 | Serial | 5% | 118.343
|
| $18.88 million | 2025 | Serial | 5% | 118.999
|
| $19.85 million | 2026 | Serial | 5% | 118.303
|
| $35.43 million | 2027 | Serial | 5% | 117.059
|
| $40,725,000 | 2028 | Serial | 5% | 116.018
|
| $62,315,000 | 2029 | Serial | 5% | 114.895
|
| $68,935,000 | 2030 | Serial | 5% | 114.246
|
| $11,595,000 | 2031 | Serial | 5% | 113.693
|
| $72,445,000 | 2031 | Serial | 5% | 113.693
|
| $72,685,000 | 2032 | Serial | 5% | 113.235
|
| $4.67 million | 2032 | Serial | 5% | 113.235
|
| $1 million | 2033 | Serial | 5% | 112.87
|
| $64,225,000 | 2033 | Serial | 5% | 112.87
|
| $62,775,000 | 2034 | Serial | 5% | 112.507
|
| $23.04 million | 2035 | Serial | 5% | 112.145
|
| $80,835,000 | 2038 | Term | 5% | 111.335
|
| $24,835,000 | 2040 | Term | 4% | 98.761
|
| $70.21 million | 2045 | Term | 5% | 110.089
|
| $73,475,000 | 2050 | Term | 5% | 108.599
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
