By Sheri Kasprzak
New York, March 25 - The Indiana Finance Authority priced $179.14 million in lease revenue refunding bonds, according to an official statement released Tuesday.
The bonds (Aa3/AA/AA), which priced Thursday, include $127.655 million in series 2008A tax-exempt bonds and $51.485 million in series 2008B taxable bonds.
The 2008A bonds are due from 2011 to 2018 with 5% coupons for all maturities. The yields range from 3.13% to 4.43%.
The 2008B bonds are due from 2008 to 2011 with coupons from 3.35% to 4.28%, all priced at par.
The bonds were sold on a negotiated basis through lead manager Morgan Stanley. The co-managers are Banc of America Securities LLC, City Securities Corp., SBK-Brooks Investment Corp. and Wachovia Bank.
Proceeds from the sale will be used to refund the authority's series 2004A, series 2004B and series 2004C bonds.
| Issuer: | Indiana Finance Authority
|
| Issue: | Lease revenue refunding bonds
|
| Amount: | $179.14 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley (lead); Banc of America Securities LLC; City Securities Corp.; SBK-Brooks Investment Corp.; Wachovia Bank
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 20
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 5% | 3.13%
|
| 2012 | Serial | 5% | 3.44%
|
| 2013 | Serial | 5% | 3.62%
|
| 2014 | Serial | 5% | 3.76%
|
| 2015 | Serial | 5% | 3.93%
|
| 2016 | Serial | 5% | 4.10%
|
| 2017 | Serial | 5% | 4.27%
|
| 2018 | Serial | 5% | 4.43%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2008 | Serial | 3.35% | 3.35%
|
| 2009 | Serial | 3.62% | 3.62%
|
| 2010 | Serial | 3.94% | 3.94%
|
| 2011 | Serial | 4.28% | 4.28%
|
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