Published on 10/31/2013 in the Prospect News Municipals Daily.
New Issue: Indiana Municipal Power offers up $108.4 million of power revenue bonds
By Sheri Kasprzak
New York, Oct. 31 - The Indiana Municipal Power Agency priced $108.4 million of series 2013A power supply revenue bonds, according to an official statement.
The bonds (A1/A+/A+) were sold through Citigroup Global Markets Inc.
The bonds are due 2017 to 2034 with term bonds due in 2038 and 2042. The serial coupons range from 3% to 5.25% with 0.89% to 4.62% yields. The 2038 bonds have a 5.25% coupon to yield 4.83%, and the 2042 bonds have a 5% coupon to yield 4.93%.
Proceeds will be used to finance capital improvements to the state's power supply system, as well as to refund the agency's series 2009B power supply system revenue bonds.
| Issuer: | Indiana Municipal Power Agency
|
| Issue: | Series 2013A power supply revenue bonds
|
| Amount: | $108.4 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), BMO Capital Markets LLC, City Securities Corp., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 21
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1,495,000 | 2017 | Serial | 3% | 0.89%
|
| $1.49 million | 2018 | Serial | 3% | 1.24%
|
| $1.49 million | 2019 | Serial | 4% | 1.68%
|
| $1.55 million | 2020 | Serial | 4% | 2.15%
|
| $1,085,000 | 2021 | Serial | 5% | 2.56%
|
| $1,145,000 | 2022 | Serial | 5% | 2.88%
|
| $1.2 million | 2023 | Serial | 5% | 3.13%
|
| $1,785,000 | 2024 | Serial | 5% | 3.35%
|
| $1.87 million | 2025 | Serial | 5% | 3.73%
|
| $1.97 million | 2026 | Serial | 5% | 3.73%
|
| $2.06 million | 2027 | Serial | 5.25% | 3.97%
|
| $2,175,000 | 2028 | Serial | 5.25% | 4.11%
|
| $1,615,000 | 2029 | Serial | 5.25% | 4.24%
|
| $12,555,000 | 2030 | Serial | 5.25% | 4.36%
|
| $13,215,000 | 2031 | Serial | 5.25% | 4.44%
|
| $13.91 million | 2032 | Serial | 5.25% | 4.53%
|
| $2.5 million | 2033 | Serial | 4.75% | 4.75%
|
| $12,145,000 | 2033 | Serial | 5.25% | 4.58%
|
| $15,395,000 | 2034 | Serial | 5.25% | 4.62%
|
| $7.99 million | 2038 | Term | 5.25% | 4.83%
|
| $9.76 million | 2042 | Term | 5% | 4.93%
|
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