By Paul A. Harris
St. Louis, July 30 - Indiana Power & Light Co. priced $110 million of 6.3% first mortgage bonds due July 1, 2013 (Ba2/BB+) at 99.927 on Wednesday to yield 6.311% or a spread of 200 basis points, according to a market source.
Merrill Lynch & Co. was the bookrunner. The co-managers were ABN Amro, Huntington, NatCity Investments and US Bancorp Piper Jaffrey.
Proceeds will be used to finance a portion of the company's 2003-2005 capital expenditure program, to reimburse its treasury for expenditures previously incurred in connection with the capital expenditure program and to repay amounts outstanding on credit lines.
Indiana Power & Light is a primary subsidiary of Ipalco Enterprises Inc., an Indianapolis, Ind.-based holding company that was acquired by AES Corp.
Issuer: | Indiana Power & Light Co.
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Amount: | $110 million
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Maturity: | July 1, 2013
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Security description: | First mortgage bonds
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Bookrunner: | Merrill Lynch
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Co-managers: | ABN Amro, Huntington, NatCity Investments, US Bancorp Piper Jaffrey
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Coupon: | 6.3%
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Price: | 99.927
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Yield: | 6.311%
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Spread: | 200 basis points
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Settlement date: | Aug. 6, 2003
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB+
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