Published on 5/23/2016 in the Prospect News Municipals Daily.
New Issue: Indianapolis Airport Authority brings $176.78 million refunding bonds
By Sheri Kasprzak
New York, May 23 – The Indianapolis Local Public Improvement Bond Bank sold $176.78 million of series 2016A refunding bonds for the Indianapolis Airport Authority, according to a pricing sheet.
The bonds (A1/A/A) were sold through Raymond James/Morgan Keegan and RBC Capital Markets LLC.
The deal included $153,395,000 of series 2016A-1 AMT bonds and $23,385,000 of series 2016A-2 taxable bonds.
The 2016A-1 bonds are due 2017 to 2035 with 3% to 5% coupons and yields from 0.8% to 3.17%.
The 2016A-2 bonds are due 2017 to 2023 with term bonds due in 2027 and 2036. The serial coupons range from 1.05% to 2.561%, all priced at par. The 2027 bonds have a 3.195% coupon, and the 2036 bonds have a 3.894% coupon, both priced at par.
Proceeds will be used to refund the authority’s series 2006F bonds.
| Issuer: | Indianapolis Local Public Improvement Bond Bank/Indianapolis Airport Authority
|
| Issue: | Series 2016A refunding bonds
|
| Amount: | $176.78 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and RBC Capital Markets LLC (lead), City Securities Corp., PNC Capital Markets LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A
|
| Pricing date: | May 20
|
| Settlement date: | June 15
|
|
|
| $153,395,000 series2016A-1 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.29 million | 2017 | Serial | 3% | 101.192 | 0.80%
|
| $15.45 million | 2018 | Serial | 4% | 104.68 | 0.94%
|
| $16.07 million | 2019 | Serial | 5% | 109.785 | 1.09%
|
| $16,885,000 | 2020 | Serial | 5% | 112.887 | 1.27%
|
| $17,745,000 | 2021 | Serial | 5% | 115.652 | 1.43%
|
| $18,645,000 | 2022 | Serial | 5% | 118.144 | 1.57%
|
| $13.49 million | 2023 | Serial | 5% | 120.218 | 1.72%
|
| $2,775,000 | 2024 | Serial | 5% | 121.77 | 1.89%
|
| $2.91 million | 2025 | Serial | 5% | 122.837 | 2.07%
|
| $3,055,000 | 2026 | Serial | 5% | 123.694 | 2.23%
|
| $3.21 million | 2027 | Serial | 5% | 123.183 | 2.39%
|
| $2,145,000 | 2028 | Serial | 5% | 122.183 | 2.49%
|
| $2,255,000 | 2029 | Serial | 5% | 121.885 | 2.52%
|
| $2,365,000 | 2030 | Serial | 5% | 121.094 | 2.60%
|
| $2,485,000 | 2031 | Serial | 5% | 120.603 | 2.65%
|
| $2.61 million | 2032 | Serial | 4% | 108.435 | 3.02%
|
| $2,715,000 | 2033 | Serial | 4% | 107.895 | 3.08%
|
| $2.82 million | 2034 | Serial | 4% | 107.358 | 3.14%
|
| $18,475,000 | 2035 | Serial | 4% | 107.091 | 3.17%
|
|
|
| $23,385,000 series 2016A-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,435,000 | 2017 | Serial | 1.05% | 100 | 1.05%
|
| $3,125,000 | 2018 | Serial | 1.43% | 100 | 1.43%
|
| $3.17 million | 2019 | Serial | 1.651% | 100 | 1.651%
|
| $3.23 million | 2020 | Serial | 1.975% | 100 | 1.975%
|
| $3,295,000 | 2021 | Serial | 2.225% | 100 | 2.225%
|
| $3.37 million | 2022 | Serial | 2.411% | 100 | 2.411%
|
| $2.26 million | 2023 | Serial | 2.561% | 100 | 2.561%
|
| $365,000 | 2027 | Term | 3.195% | 100 | 3.195%
|
| $3,135,000 | 2036 | Term | 3.894% | 100 | 3.894%
|
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