Indiana Finance preps $1.02 billion sale of wastewater utility revenue bonds

By Sheri Kasprzak

New York, Aug. 10 - The Indiana Finance Authority plans to price $1.021 billion of series 2011 wastewater utility revenue bonds, according to a preliminary official statement.

The offering includes $698.89 million of series 2011A first-lien bonds, $274.2 million of series 2011B second-lien bonds and $47.91 million of series 2011C second-lien bonds.

The bonds will be sold through senior manager Morgan Stanley & Co. Inc. with City Securities Corp. and J.P. Morgan Securities LLC as the co-managers.

The 2011A bonds are due 2012 to 2026 with term bonds due in 2031 and 2041. The series 2011B bonds are due 2014 to 2026 with term bonds due in 2031 and 2041. The series 2011C bonds are due in 2016.

Proceeds will be used to acquire a wastewater system from Citizens Energy Group, as well as to make upgrades to the wastewater system.

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