Published on 9/3/2015 in the Prospect News Municipals Daily.
New Issue: Indianapolis Airport brings to market $178.69 million refunding bonds
By Sheri Kasprzak
New York, Sept. 3 – The Indianapolis Local Public Improvement Bond Bank priced $178.69 million of series 2015I bond bank refunding bonds for the Indianapolis Airport Authority, according to a pricing sheet.
The bonds (A1/A/A) were sold through senior managers BofA Merrill Lynch and PNC Capital Markets LLC.
The bonds are due 2023 to 2033 with 4% to 5% coupons with yields from 2.68% to 3.74%.
Proceeds will be used to refund the authority’s series 2005A-B bond bank bonds.
| Issuer: | Indianapolis Local Public Improvement Bond Bank/Indianapolis Airport Authority
|
| Issue: | Series 2015I bond bank refunding bonds
|
| Amount: | $178.69 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and PNC Capital Markets LLC (lead), BMO Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Pricing date: | Aug. 27
|
| Settlement date: | Oct. 6
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.77 million | 2023 | Serial | 5% | 115.164 | 2.68%
|
| $12.24 million | 2024 | Serial | 4% | 108.462 | 2.84%
|
| $16.25 million | 2025 | Serial | 4% | 108.179 | 2.98%
|
| $16,925,000 | 2026 | Serial | 5% | 114.98 | 3.12%
|
| $17.8 million | 2027 | Serial | 5% | 113.775 | 3.26%
|
| $18.72 million | 2028 | Serial | 5% | 112.755 | 3.38%
|
| $16,215,000 | 2029 | Serial | 5% | 111.745 | 3.50%
|
| $17,055,000 | 2030 | Serial | 5% | 111.078 | 3.58%
|
| $17,955,000 | 2031 | Serial | 5% | 110.416 | 3.66%
|
| $18,885,000 | 2032 | Serial | 5% | 110.086 | 3.70%
|
| $19,875,000 | 2033 | Serial | 5% | 109.758 | 3.74%
|
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