Indiana Finance Authority's $178.87 million lease revenue bonds likely to price Wednesday

By Sheri Kasprzak

New York, March 18 - The Indiana Finance Authority plans to price $178.87 million of lease revenue bonds on Wednesday, said Dan Kramer, the director of debt management for the authority on Tuesday.

"We're having a call this afternoon to determine the optimal day to price, so [it's] not likely that Moody's [Investors Service] knows," said Kramer.

Moody's released a statement Tuesday claiming the pricing date would be March 20.

Moody's rated the bonds Aa3. S&P and Fitch have both rated the bonds AA.

The bonds will be sold on a negotiated basis through lead manager Morgan Stanley, with Banc of America, City Securities Corp, SBK-Brooks Investment Corp. and Wachovia Bank as the co-managers.

The offering includes $127.29 million of series 2008A-1 and 2008A-2 revenue refunding bonds, and $51.58 million of series 2008B lease revenue bonds. The 2008A bonds are due 2011 and 2018, and the 2008B bonds are due 2008 to 2011.

Proceeds will be used to refund the authority's outstanding 2004A, 2004B and 2004C bonds.

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