Published on 7/1/2015 in the Prospect News Municipals Daily.
New Issue: Indiana Finance Authority prices $92.38 million of motorsports bonds
By Sheri Kasprzak
New York, July 1 – The Indiana Finance Authority sold $92,375,000 of series 2015C taxable motorsports improvement lease appropriation bonds, according to a pricing sheet.
The bonds (Aa2/AA+/AA+) were sold through senior manager BofA Merrill Lynch.
The bonds are due 2016 to 2031 with a term bond due in 2035. The serial coupons range from 0.916% to 4.529%, all priced at par. The 2035 bonds have a 4.807% coupon priced at par.
Proceeds will be used to finance improvements to the seating, technology, fan experience and track at the Indianapolis Motor Speedway.
| Issuer: | Indiana Finance Authority
|
| Issue: | Series 2015C taxable motorsports improvement lease appropriation bonds
|
| Amount: | $92,375,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | July 1
|
| Settlement date: | July 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.34 million | 2016 | Serial | 0.916% | 100
|
| $3.68 million | 2017 | Serial | 1.33% | 100
|
| $3.53 million | 2018 | Serial | 1.697% | 100
|
| $3.59 million | 2019 | Serial | 2.342% | 100
|
| $3,675,000 | 2020 | Serial | 2.692% | 100
|
| $3,775,000 | 2021 | Serial | 2.987% | 100
|
| $3,885,000 | 2022 | Serial | 3.237% | 100
|
| $4.01 million | 2023 | Serial | 3.309% | 100
|
| $4.15 million | 2024 | Serial | 3.509% | 100
|
| $4,295,000 | 2025 | Serial | 3.659% | 100
|
| $4.46 million | 2026 | Serial | 3.959% | 100
|
| $4,635,000 | 2027 | Serial | 4.109% | 100
|
| $4,825,000 | 2028 | Serial | 4.259% | 100
|
| $5.03 million | 2029 | Serial | 4.359% | 100
|
| $5,255,000 | 2030 | Serial | 4.459% | 100
|
| $5.5 million | 2031 | Serial | 4.529% | 100
|
| $24.74 million | 2035 | Term | 4.807% | 100
|
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