By Sheri Kasprzak
New York, Nov. 21 - The Indiana Finance Authority priced $96.475 million series 2008 revenue refunding bonds, according to a pricing sheet released Friday by the issuer.
The bonds (Aa2/AA+/AA) were sold on Thursday through lead manager Morgan Stanley & Co. Inc. The co-managers were City Securities Corp., Edward Jones & Co., KeyBanc Capital Markets, Melvin and Co., Morgan Keegan & Co. and Raymond James & Associates.
The sale included $29.715 million in series 2008A bonds, which are due from 2009 to 2020 with coupons from 2% to 5% and yields from 2% to 5.2%.
The deal also included $13.725 million in series 2008B bonds, which are due 2015 with a 5% coupon to yield 3.45%, as well as $53.035 million in series 2008C bonds, which are due 2009 to 2018 with term bonds due 2020 and 2022. The serials have coupons from 2% to 5% with yields from 2% to 5.35%. The 2020 bonds have a 5% coupon to yield 5.2%, and the 2022 bonds have a 5.25% coupon to yield 5.35%.
Proceeds will be used to refund the authority's series 2000A, 2000B and 2001A bonds, as well as to make interest rate collar termination payments.
| Issuer: | Indiana Finance Authority
|
| Issue: | Series 2008 revenue refunding bonds
|
| Amount: | $96.475 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead); City Securities Corp., Edward Jones & Co., KeyBanc Capital Markets, Melvin and Co., Morgan Keegan & Co. and Raymond James & Associates (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 4
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 2% | 2.00%
|
| 2010 | Serial | 5% | 2.75%
|
| 2011 | Serial | 3% | 3.05%
|
| 2011 | Serial | 5% | 3.05%
|
| 2012 | Serial | 4% | 3.45%
|
| 2012 | Serial | 5% | 3.45%
|
| 2013 | Serial | 5% | 3.70%
|
| 2014 | Serial | 4% | 3.95%
|
| 2015 | Serial | 5% | 4.15%
|
| 2016 | Serial | 4.25% | 4.35%
|
| 2017 | Serial | 5% | 4.58%
|
| 2018 | Serial | 4.75% | 4.78%
|
| 2019 | Serial | 5% | 5.00%
|
| 2020 | Serial | 5% | 5.25%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2012 | Term | 5% | 3.45%
|
|
|
| Series 2008C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 2% | 2.00%
|
| 2010 | Serial | 5% | 2.75%
|
| 2011 | Serial | 5% | 3.05%
|
| 2012 | Serial | 5% | 3.45%
|
| 2013 | Serial | 5% | 3.70%
|
| 2014 | Serial | 5% | 3.95%
|
| 2015 | Serial | 5% | 4.15%
|
| 2016 | Serial | 5% | 4.35%
|
| 2017 | Serial | 5% | 4.58%
|
| 2018 | Serial | 5% | 4.78%
|
| 2020 | Term | 5% | 5.20%
|
| 2022 | Term | 5.25% | 5.35%
|
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