The U.S.-led DBFOM developer of Indiana’s East End Bridge reached financial close on schedule in late March with the sale of $676.8 million in Private Activity Bonds (PAB) that were rated BBB by S&P and Fitch, the highest ever for a U.S. availability-pay credit. The Indiana Finance Authority (IFA), an independent executive branch agency with deep expertise in capital markets financing, ran the procurement and issued the 40-year tax–exempt conduit bonds at yields of 5%, slightly more for the long bonds.
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