By Cristal Cody
Springdale, Ark., June 19 - The Indiana Bond Bank priced $436 million mid-year funding program notes with a 3% coupon to yield 1.83% on Thursday, a source told Prospect News.
The series 2008A notes (/SP-1+/) are due May 28, 2009.
The true interest cost was not available.
J.P. Morgan Securities Inc. was the senior manager of the negotiated sale. Co-managers were Banc of America Securities LLC, City Securities Corp., Fifth Third Securities Inc. and NatCity Investments Inc.
Proceeds will be used to purchase tax anticipation obligations of state school corporations, counties, cities, libraries and other entities issued to meet cash flow needs.
| Issuer: | Indiana Bond Bank
|
| Issue: | Mid-year funding program notes
|
| Amount: | $436 million
|
| Type: | Negotiated
|
| Coupon: | 3%
|
| Yield: | 1.83%
|
| Maturity: | May 28, 2009
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Rating: | Standard & Poor's: SP-1+
|
| Pricing date: | June 19
|
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