$3.3 Billion In Bond Sales Eliminates Federal Unemployment Debt

The Michigan Finance Authority issued $3.3 billion in bonds, $3.2 billion of which was used to pay of the state’s debt to the federal government for unemployment benefits. The bonds were issued at a .24 percent interest rate and were underwritten by Citigroup Global Markets.

The bonds have an initial maturity date of July 2014, but will convert to a 10-year bond in 2012. While businesses will remain on the hook for paying off the bonds, by paying off the federal debt, the bonding eliminates interest and penalty payments.

The funds remaining following the payment to the federal government will reimburse the state’s general fund for the $38.25 million it paid in interest to the feds in September.

posted by PAA Online , Thursday, December 29, 2011 10:33 AM
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