Published on 5/1/2013 in the Prospect News Municipals Daily.
New Issue: Iowa Fertilizer sells $1.18 billion Midwestern disaster bonds
By Sheri Kasprzak
New York, May 1 - The Iowa Finance Authority sold $1,184,660,000 series 2013 Midwestern disaster area revenue bonds for the Iowa Fertilizer Co., according to a pricing sheet. The offering was downsized from $1,194,000,000.
The bonds (/BB-/) were sold through Citigroup Global Markets Inc. and BofA Merrill Lynch.
The bonds are due 2019, 2022 and 2025. The 2019 bonds have a 5% coupon priced at 101.109, the 2022 bonds have a 5.5% coupon priced at 101.907 and the 2025 bonds have a 5.25% coupon priced at 99.543.
Proceeds will be used to construct a nitrogen-based fertilizer and industrial production facility in southeastern Iowa near the Illinois border.
| Issuer: | Iowa Finance Authority/Iowa Fertilizer Co.
|
| Issue: | Series 2013 Midwestern disaster area revenue bonds
|
| Amount: | $1,184,660,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and BofA Merrill Lynch (lead)
|
| Rating: | Standard & Poor's: BB-
|
| Pricing date: | May 1
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $390.02 million | 2019 | Term | 5% | 101.109
|
| $365,675,000 | 2022 | Term | 5.5% | 101.907
|
| $428,965,000 | 2025 | Term | 5.25% | 99.543
|
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