Published on 12/11/2015 in the Prospect News Municipals Daily.
New Issue: Indiana Municipal Power Agency sells $366.35 million refunding bonds
By Sheri Kasprzak
New York, Dec. 11 – The Indiana Municipal Power Agency priced $366.35 million of series 2015 tax-exempt refunding bonds, according to a pricing sheet. The deal was downsized from $404 million.
The bonds (A1) were sold through Citigroup Global Markets Inc.
The bonds are due 2033 to 2037 with a term bond due in 2042. The serial bonds have 5% coupons. The 2042 bonds have a 4% coupon priced at 102.408 and a 5% coupon priced at 114.465.
Proceeds will be used to refund existing bonds.
Issuer: | Indiana Municipal Power Agency
|
Issue: | Series 2015 tax-exempt refunding bonds
|
Amount: | $336.35 million
|
Type: | Negotiated
|
Underwriters: | Citigroup Global Markets Inc. (lead), Barclays, City Securities Corp., Goldman Sachs & Co., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and US Bank NA (co-managers)
|
Rating: | Moody’s: A1
|
Pricing date: | Dec. 10
|
Settlement date: | Jan. 13
|
|
Amount | Maturity | Type | Coupon | Price
|
$29.17million | 2033 | Serial | 5% | 117.359
|
$30.63 million | 2034 | Serial | 5% | 116.676
|
$32,155,000 | 2035 | Serial | 5% | 116.191
|
$33,765,000 | 2036 | Serial | 5% | 115.78
|
$35.45 million | 2037 | Serial | 5% | 115.228
|
$25 million | 2042 | Term | 4% | 102.408
|
$180.18 million | 2042 | Term | 5% | 114.465
|
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