Michigan Sells $1.3B Of GO Notes

Carvlin, Ehzabeth
November 2004
Bond Buyer;11/16/2004, Vol. 350 Issue 32011, p1
Trade Publication
The article reports that the U.S. state Michigan will sell $1.3 billion worth of fixed-rate general obligation notes due to a cyclical need for cash flow borrowing as the state works to boost its budget revenues. Citigroup Global Markets Inc. will act as the book-runner on the deal. Robert W. Baird & Co. Inc. is the financial manager for the state. The state issued notes to bring in cash after it depleted the budget stabilization fund that had been built up in the mid-1990s to about $1 billion.


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