Published on 8/14/2012 in the Prospect News Municipals Daily.
New Issue: Indiana sells $192.13 million wastewater bonds for CWA Authority
By Sheri Kasprzak
New York, Aug. 14 - The Indiana Finance Authority sold $192,125,000 of series 2012 first-lien wastewater utility revenue bonds for CWA Authority Inc., according to a pricing sheet.
The bonds (A1/AA/) were sold through Morgan Stanley & Co. LLC with City Securities Corp., J.P. Morgan Securities LLC and Wells Fargo Securities LLC as co-managers.
The bonds are due 2014 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 2.75% to 5%. The 2037 bonds have a 5% coupon priced at 112.418, and the 2042 bonds have a 4% coupon priced at par.
Proceeds will be used to fund improvements to the wastewater system and repay draws made on the Wells Line.
| Issuer: | Indiana Finance Authority/CWA Authority Inc.
|
| Issue: | Series 2012 first-lien wastewater utility revenue bonds
|
| Amount: | $192,125,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC (lead), City Securities Corp., J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
| Pricing date: | Aug. 7
|
| Settlement date: | Sept. 19
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,245,000 | 2014 | Serial | 4% | 107.092
|
| $3,375,000 | 2015 | Serial | 4% | 110.014
|
| $3.51 million | 2016 | Serial | 4% | 112.633
|
| $3.65 million | 2017 | Serial | 5% | 119.315
|
| $3,835,000 | 2018 | Serial | 5% | 121.015
|
| $4,025,000 | 2019 | Serial | 5% | 122.01
|
| $4,225,000 | 2020 | Serial | 5% | 122.576
|
| $4.44 million | 2021 | Serial | 2.75% | 104.566
|
| $4.56 million | 2022 | Serial | 5% | 123.562
|
| $4.79 million | 2023 | Serial | 5% | 122.062
|
| $5.03 million | 2024 | Serial | 5% | 120.682
|
| $5.28 million | 2025 | Serial | 5% | 119.513
|
| $5,545,000 | 2026 | Serial | 5% | 118.645
|
| $5.82 million | 2027 | Serial | 5% | 117.976
|
| $6.11 million | 2028 | Serial | 5% | 117.311
|
| $6,415,000 | 2029 | Serial | 5% | 116.65
|
| $6.74 million | 2030 | Serial | 5% | 115.994
|
| $7,075,000 | 2031 | Serial | 5% | 115.435
|
| $7.43 million | 2032 | Serial | 5% | 114.879
|
| $43.1 million | 2037 | Term | 5% | 112.418
|
| $53,925,000 | 2042 | Term | 4% | 100
|
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