Published on 2/12/2016 in the Prospect News Municipals Daily.
New Issue: Indiana Municipal Power sells $149 million power supply revenue bonds
By Sheri Kasprzak
New York, Feb. 12 – The Indiana Municipal Power Agency sold $149,025,000 of series 2016C power supply system refunding revenue bonds, according to a pricing sheet.
The bonds (A1/A+) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2018 to 2039 with coupons from 3% to 5% and yields from 0.57% to 3.15%.
Proceeds will be used to refund the agency’s series 2009A-B revenue bonds.
| Issuer: | Indiana Municipal Power Agency
|
| Issue: | Series 2016C power supply system refunding revenue bonds
|
| Amount: | $149,025,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Barclays, BofA Merrill Lynch, City Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 9
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,345,000 | 2018 | Serial | 5% | 107.969 | 0.57%
|
| $1,415,000 | 2019 | Serial | 5% | 111.918 | 0.71%
|
| $1.48 million | 2020 | Serial | 5% | 115.528 | 0.85%
|
| $1,555,000 | 2021 | Serial | 5% | 118.741 | 1.00%
|
| $1,635,000 | 2022 | Serial | 5% | 121.266 | 1.20%
|
| $1,715,000 | 2023 | Serial | 5% | 123.161 | 1.42%
|
| $8,165,000 | 2024 | Serial | 5% | 124.123 | 1.69%
|
| $10,165,000 | 2025 | Serial | 5% | 125.407 | 1.86%
|
| $10.67 million | 2026 | Serial | 5% | 126.602 | 2.00%
|
| $11.2 million | 2027 | Serial | 5% | 126.439 | 2.13%
|
| $11,765,000 | 2028 | Serial | 5% | 125.282 | 2.24%
|
| $12,355,000 | 2029 | Serial | 5% | 124.24 | 2.34%
|
| $13,895,000 | 2035 | Serial | 3% | 97.88 | 3.15%
|
| $14.31 million | 2036 | Serial | 5% | 118.694 | 2.89%
|
| $15,025,000 | 2037 | Serial | 5% | 118.107 | 2.95%
|
| $15.77 million | 2038 | Serial | 5% | 117.523 | 3.01%
|
| $16.56 million | 2039 | Serial | 5% | 117.233 | 3.04%
|
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