Indiana Housing prices $74.795 million bonds; Massachusetts Bay Transportation brings $354.42 million

By Sheri Kasprzak

New York, Nov. 7 - As the week drew to a close, pricing action remained fairly quiet, but the weeks ahead prove there may be a wealth of upcoming sales available.

Friday's action was led by a delayed offering from the Indiana Housing and Community Development Authority. The authority priced $74.795 million in series 2008A single-family mortgage revenue bonds, said Blake Blanch, the authority's chief financial officer.

The bonds (Aaa//AAA) were scaled back from the planned $140 million size, and the pricing date was pushed back to Friday from Thursday.

J.P. Morgan Securities Inc. led the negotiated sale.

The authority sold $1.955 million in series 2008A-1 bonds, which are due 2010 and 2011. The 2010 bonds have a 3.65% coupon, priced at par, and the 2011 bonds have a 3.95% coupon, also priced at par.

The authority also sold $72.84 million in series 2008A-3 bonds, which are due 2011 to 2018 with term bonds due 2023, 2029, 2033 and 2040. The serials have coupons from 3.95% to 5.3%, all priced at par. The term bonds are also priced at par. The 2023 bonds have a 5.95% coupon, the 2029 bonds have a 6.125% coupon, the 2033 bonds have a 6.25% coupon, and the 2040 bonds have a 6.45% coupon.

Proceeds will be used to refund existing obligations.

Massachusetts Bay sale prices

In other pricing news this week, the Massachusetts Bay Transportation Authority finally sold its long-anticipated $354.42 million in series 2008A assessment bonds on Thursday, said an official statement.

The bonds (Aa1/AAA/) were sold on a negotiated basis with J.P. Morgan Securities Inc., Citigroup Global Markets and Barclays Capital as the senior managers.

The bonds are due 2013 to 2028 with a term bond due 2034. The serials have coupons from 4% to 5% with yields from 3.42% to 5.16%. The 2034 bonds have a 5.25% coupon to yield 5.35%.

Proceeds will be used for the repayment of commercial paper notes, the funding of capital costs, a deposit to a debt service reserve fund and a deposit to a debt service reserve fund for capitalized interest.

Palm Beach County brings $94 million

Also on Thursday, Palm Beach County in Florida brought $94.235 million in series 2008-2 public improvement revenue bonds, according to an official statement released Friday.

The bonds (Aa1/AA+/AA+) priced Thursday through lead manager Loop Capital Markets.

The bonds are due 2009 to 2025 with a term bond due 2028. The serials have coupons from 4% to 5.5% with yields from 1.83% to 5.31%. The 2028 bonds have a 5.375% coupon to yield 5.4%.

Proceeds will be used to fund a portion of the county's obligation to the Max Planck Florida Corp. to establish a biomedical research facility. The rest will be used to refinance obligations to the Sunshine State Governmental Financing Commission from the $48.872 million outstanding in series J commercial paper revenue notes.

Miami-Dade to sell $301 million

Looking to upcoming bond sales, Miami-Dade County in Florida is expected to price $301.39 million in series 2008C water and sewer system revenue bonds this December, according to a preliminary official statement released Friday.

The bonds will be sold on a negotiated basis with RBC Capital Markets as the lead manager.

The bonds are due 2009 to 2025.

Proceeds will be used to refund all of the county's series 2005 variable-rate demand bonds and to fund an increase in the reserve account requirement resulting from the sale.

Also ahead, the Plano Independent School District in Texas plans to price up to $180 million in series 2008A unlimited tax school building bonds, said a preliminary official statement.

Although the district may issue up to $180 million in the sale, the POS said market rates and conditions at the time of pricing may force the district to cut the size to $122.5 million or less.

The bonds (Aa1/AA/) will be sold on a negotiated basis with Morgan Keegan & Co. and RBC Capital Markets as the lead managers.

The bonds are due from 2010 to 2034.

Proceeds will be used for the construction, acquisition, renovation and equipment of school buildings throughout the district.

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