Published on 9/23/2014 in the Prospect News Municipals Daily.
New Issue: Indianapolis Local Public Improvement Bond Bank sells $165.34 million airport bonds
By Sheri Kasprzak
New York, Sept. 23 – The Indianapolis Local Public Improvement Bond Bank sold $165.34 million of series 2014D AMT refunding bonds for the Indianapolis Airport Authority, according to a pricing sheet.
The bonds (A1/A/A) were sold through BofA Merrill Lynch and PNC Capital Markets LLC.
The bonds are due 2017 and 2020 to 2034 with 3% to 5% coupons and 0.58% to 4% yields.
Proceeds will be used to refund existing airport debt.
| Issuer: | Indianapolis Local Public Improvement Bond Bank/Indianapolis Airport Authority
|
| Issue: | Series 2014D AMT refunding bonds
|
| Amount: | $165.34 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and PNC Capital Markets LLC (lead), BMO Capital Markets LLC, Drexel Hamilton LLC, J.P. Morgan Securities LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Pricing date: | Sept. 18
|
| Settlement date: | Oct. 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.49 million | 2017 | Serial | 3% | 105.354 | 0.58%
|
| $6,205,000 | 2020 | Serial | 5% | 115.524 | 1.87%
|
| $6,515,000 | 2021 | Serial | 5% | 116.216 | 2.20%
|
| $6.84 million | 2022 | Serial | 5% | 116.295 | 2.52%
|
| $7,185,000 | 2023 | Serial | 5% | 116.068 | 2.80%
|
| $11.07 million | 2024 | Serial | 5% | 116.807 | 2.91%
|
| $8.13 million | 2025 | Serial | 5% | 115.58 | 3.05%
|
| $8,535,000 | 2026 | Serial | 5% | 114.197 | 3.21%
|
| $8,965,000 | 2027 | Serial | 5% | 113.342 | 3.31%
|
| $9,415,000 | 2028 | Serial | 5% | 112.495 | 3.41%
|
| $13,375,000 | 2029 | Serial | 5% | 112.074 | 3.46%
|
| $14,045,000 | 2030 | Serial | 5% | 111.739 | 3.50%
|
| $14.75 million | 2031 | Serial | 5% | 111.322 | 3.55%
|
| $15,485,000 | 2032 | Serial | 5% | 110.906 | 3.60%
|
| $16.26 million | 2033 | Serial | 5% | 110.658 | 3.63%
|
| $17,075,000 | 2034 | Serial | 4% | 100 | 4.00%
|
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