By Sheri Kasprzak
New York, May 19 - The Indianapolis Local Public Improvement Bond Bank priced $58.79 million of series 2011E waterworks project bonds, said a pricing sheet.
The bonds (A2/A+/A) were sold through Morgan Stanley & Co. Inc. with Morgan Keegan & Co. Inc., City Securities Corp. and Ramirez & Co. Inc. as the co-managers.
The bonds are due 2012 to 2022 with term bonds due in 2025, 2031 and 2041. The serial coupons range from 2% to 5%. The 2025 bonds have a 4.5% coupon priced at 98.298. The 2031 bonds have a 5% coupon priced at par and the 2041, bonds have a 5.125% coupon priced at 97.686.
Proceeds will be used to purchase the series 2011A waterworks revenue bonds to be issued by Indianapolis's waterworks department.
| Issuer: | Indianapolis Local Public Improvement Bond Bank
|
| Issue: | Series 2011E waterworks project bonds
|
| Amount: | $58.79 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), Morgan Keegan & Co. Inc., City Securities Corp. and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | May 18
|
| Settlement date: | May 26
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $600,000 | 2012 | Serial | 2% | 100.785
|
| $1.02 million | 2013 | Serial | 3% | 102.373
|
| $1.05 million | 2014 | Serial | 3% | 102.902
|
| $1.08 million | 2015 | Serial | 4% | 106.369
|
| $1.125 million | 2016 | Serial | 4% | 106.923
|
| $1.17 million | 2017 | Serial | 5% | 111.596
|
| $1.225 million | 2018 | Serial | 4% | 105.635
|
| $1.275 million | 2019 | Serial | 3.25% | 99.332
|
| $1.315 million | 2020 | Serial | 5% | 110.269
|
| $1.38 million | 2021 | Serial | 5% | 109.571
|
| $1.45 million | 2022 | Serial | 5% | 107.406
|
| $4.785 million | 2025 | Serial | 4.5% | 98.298
|
| $11.835 million | 2031 | Term | 5% | 100
|
| $29.48 million | 2041 | Term | 5.125% | 97.686
|
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