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Indianapolis Local Public Improvement Bond Bank prepares $97.55 million bond offering
By Sheri Kasprzak
New York, March 9 - The Indianapolis Local Public Improvement Bond Bank is set to price $97.545 million of series 2011 bonds, according to a preliminary official statement.
The offering includes $82.08 million of series 2011A qualified Midwestern disaster area bonds and $15.465 million of series 2011B taxable bonds.
The bonds (Aa2/AA/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are Cabrera Capital Markets LLC; City Securities Corp.; J.J.B. Hilliard, W.L. Lyons LLC; Northeast Securities Inc.; PNC Capital Markets LLC; and Siebert Brandford Shank & Co. LLC.
The 2011A bonds are due 2021 to 2031 with a term bond due Feb. 1, 2036. The 2011B bonds are due 2015 to 2021.
Proceeds will be used to make a loan to NOS Innovation Partners LLC to construct, equip and design one or more economic development projects for the city.
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