By Sheri Kasprzak
New York, April 1 - Indianapolis priced $111.705 million in series 2008 gas utility distribution system revenue refunding bonds, according to a final official statement released Tuesday.
The bonds (A2/A+/), which sold on March 26, include $55.850 million in series 2008A bonds and $55.855 million in series 2008B bonds.
The series 2008A bonds are due Aug. 15, 2030 with a 5% coupon and a 4.25% yield.
The series 2008B bonds are due Aug. 15, 2025, Aug. 15, 2026 and Aug. 15, 2027. All of the bonds have a 5.25% coupon, and the yield on the 2025 bonds is 5.06%, the yield on the 2026 bonds is 5.14% and the yield on the 2027 bonds is 5.20%.
The bonds will be sold on a negotiated basis through lead manager Morgan Stanley. The co-managers were City Securities Corp. and JPMorgan.
Proceeds from the deal will be used to refund the city's outstanding series 2001 bonds and to repay the city's existing line of credit.
| Issuer: | Indianapolis
|
| Issue: | Series 2008 gas utility distribution system revenue refunding bonds
|
| Amount: | $111.705 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley (lead); City Securities Corp.; JPMorgan
|
| Ratings: | Moody's: A2
|
| S&P: A+
|
| Pricing date: | March 26
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2030 | Term | 5% | 4.25%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2025 | Term | 5.25% | 5.06%
|
| 2026 | Term | 5.25% | 5.14%
|
| 2027 | Term | 5.25% | 5.20%
|
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