Published on 6/24/2014 in the Prospect News Municipals Daily.
New Issue: Indiana Finance Authority sells $70.78 million Citizens Energy bonds
By Sheri Kasprzak
New York, June 24 – The Indiana Finance Authority sold $70.78 million of series 2014 water utility revenue bonds for Citizens Energy Group, according to a pricing sheet.
The offering included $27,185,000 of series 2014A first-lien bonds (/A+/A) and $43,595,000 of series 2014B second-lien bonds (/A/A-).
The 2014A bonds are due 2015 to 2029 with term bonds due in 2034 and 2044. The serial coupons range from 2% to 5%. The 2034 bonds have a 4% coupon priced at 98.359, and the 2044 bonds have a 5% coupon priced at 107.18.
The 2014B bonds are due Oct. 1, 2022 and have a 2.95% coupon priced at par.
The bonds were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance a loan to Citizens Energy to expand water utility facilities.
| Issuer: | Indiana Finance Authority/Citizens Energy Group
|
| Issue: | Series 2014 water utility revenue bonds
|
| Amount: | $70.78 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), City Securities Corp., J.P. Morgan Securities LLC and PNC Capital Markets LLC (co-managers)
|
| Pricing date: | June 24
|
| Settlement date: | July 16
|
|
|
| $27,185,000 series 2014A first-lien bonds (/A+/A)
|
| Amount | Maturity | Type | Coupon | Price
|
| $465,000 | 2015 | Serial | 2% | 101.804
|
| $475,000 | 2016 | Serial | 3% | 105.256
|
| $490,000 | 2017 | Serial | 4% | 109.248
|
| $510,000 | 2018 | Serial | 4% | 110.415
|
| $530,000 | 2019 | Serial | 5% | 115.838
|
| $560,000 | 2020 | Serial | 4% | 110.818
|
| $580,000 | 2021 | Serial | 4% | 110.53
|
| $605,000 | 2022 | Serial | 4% | 109.897
|
| $630,000 | 2023 | Serial | 4% | 109.083
|
| $655,000 | 2024 | Serial | 4% | 108.458
|
| $680,000 | 2025 | Serial | 5% | 115.659
|
| $710,000 | 2026 | Serial | 5% | 114.254
|
| $750,000 | 2027 | Serial | 5% | 113.513
|
| $785,000 | 2028 | Serial | 5% | 112.96
|
| $825,000 | 2029 | Serial | 5% | 112.229
|
| $4.69 million | 2034 | Term | 4% | 98.359
|
| $13,245,000 | 2044 | Term | 5% | 107.18
|
|
|
| $43,595,000 series 2014B second-lien bonds (/A/A-)
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2022 | Term | 2.95% | 100
|
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