By Sheri Kasprzak
New York, Feb. 3 - The Indiana Finance Authority priced $61.185 million in series 2009 revenue refunding bonds, according to an official statement released Tuesday.
The bonds (Aa2/AA+/AA) priced on Friday and were sold for the Wabash Valley Correctional Facility and the Miami Correctional Facility.
The sale included $47.36 million in series 2009A bonds for Wabash Valley and $13.825 million in series 2009B bonds for Miami.
The 2009A bonds are due 2010 to 2019 with coupons from 3% to 5.25% and yields from 1.3% to 3.8%. The 2009B bonds are due 2012 to 2013 with 5% coupons and yields from 2.13% to 2.37%.
The lead managers for the negotiated deal were Morgan Stanley & Co. Inc. and City Securities Corp. The co-managers were Edward Jones & Co., Melvin and Co. LLC, Morgan Keegan & Co. Inc. and Raymond James & Associates Inc.
Proceeds from the 2009A bonds will be used to refund the Wabash Valley Correctional Facility's series 1998A bonds and the proceeds from the 2009B bonds will be used to refund the Miami Correctional Facility's series 1999A bonds.
The authority is based out of Indianapolis.
| Issuer: | Indiana Finance Authority/ Wabash Valley Correctional Facility/ Miami Correctional Facility
|
| Issue: | Series 2009 revenue refunding bonds
|
| Amount: | $61.185 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and City Securities Corp. (lead); Edward Jones & Co.; Melvin and Co. LLC; Morgan Keegan & Co. Inc.; and Raymond James & Associates Inc.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 17
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield | Price
|
| 2010 | Serial | 3% | 1.30% | 102.303
|
| 2011 | Serial | 3% | 1.94% | 102.444
|
| 2011 | Serial | 5% | 1.94% | 107.058
|
| 2013 | Serial | 5% | 2.37% | 110.859
|
| 2014 | Serial | 5% | 2.64% | 111.745
|
| 2015 | Serial | 5% | 2.85% | 112.444
|
| 2016 | Serial | 3% | 3.07% | 99.539
|
| 2017 | Serial | 3% | 3.30% | 97.818
|
| 2018 | Serial | 4.25% | 3.54% | 105.617
|
| 2018 | Serial | 5% | 3.54% | 111.554
|
| 2019 | Serial | 5.25% | 3.80% | 112.329
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield | Price
|
| 2012 | Serial | 5% | 2.13% | 109.288
|
| 2013 | Serial | 5% | 2.37% | 110.859
|
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