Published on 6/11/2014 in the Prospect News Municipals Daily.
New Issue: Indiana Finance prices $236.99 million CWA Authority project bond deal
By Sheri Kasprzak
New York, June 11 – The Indiana Finance Authority priced $236.99 million of series 2014A first-lien wastewater utility revenue bonds for the CWA Authority Inc. project, said a pricing sheet.
The bonds (/AA/A) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5% with yields from 0.23% to 3.77%. The 2039 bonds have a 5% coupon priced at 108.745 to yield 3.95%. The 2044 bonds have a 4.25% coupon priced at 99.656 to yield 4.27% and a 5% coupon priced at 108.22 to yield 4.01%.
Proceeds will be used to make improvements, extensions and expansions to the wastewater system.
| Issuer: | Indiana Finance Authority/CWA Authority Inc.
|
| Issue: | Series 2014A first-lien wastewater utility revenue bonds
|
| Amount: | $236.99 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), City Securities Corp., J.P. Morgan Securities LLC and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor’s: AA
|
| Fitch: A
|
| Pricing date: | June 11
|
| Settlement date: | July 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,675,000 | 2015 | Serial | 3% | 103.34 | 0.23%
|
| $3,785,000 | 2016 | Serial | 4% | 107.676 | 0.50%
|
| $3,935,000 | 2017 | Serial | 5% | 112.834 | 0.93%
|
| $4,135,000 | 2018 | Serial | 5% | 115.102 | 1.30%
|
| $4.34 million | 2019 | Serial | 5% | 116.433 | 1.69%
|
| $4,555,000 | 2020 | Serial | 5% | 117.43 | 2.00%
|
| $4,785,000 | 2021 | Serial | 5% | 118.201 | 2.25%
|
| $5,025,000 | 2022 | Serial | 5% | 118.281 | 2.52%
|
| $5,275,000 | 2023 | Serial | 5% | 118.368 | 2.73%
|
| $5.54 million | 2024 | Serial | 5% | 118.533 | 2.89%
|
| $5,815,000 | 2025 | Serial | 5% | 116.799 | 3.07%
|
| $6,105,000 | 2026 | Serial | 5% | 115.848 | 3.17%
|
| $6.41 million | 2027 | Serial | 5% | 115.001 | 3.26%
|
| $6,735,000 | 2028 | Serial | 5% | 114.347 | 3.33%
|
| $7.07 million | 2029 | Serial | 5% | 113.513 | 3.42%
|
| $7,425,000 | 2030 | Serial | 5% | 112.777 | 3.50%
|
| $7,795,000 | 2031 | Serial | 5% | 112.047 | 3.58%
|
| $8,185,000 | 2032 | Serial | 5% | 111.413 | 3.65%
|
| $8,595,000 | 2033 | Serial | 5% | 110.784 | 3.72%
|
| $9,025,000 | 2034 | Serial | 5% | 110.337 | 3.77%
|
| $52,345,000 | 2039 | Term | 5% | 108.745 | 3.95%
|
| $25 million | 2044 | Term | 4.25% | 99.656 | 4.27%
|
| $41,435,000 | 2044 | Term | 5% | 108.22 | 4.01%
|
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