Indianapolis Saves $1.4 Million with Refunding of Public Improvement Bonds

A fixed rate refunding for the Indianapolis Local Public Improvement Bond Bank through lead underwriter Morgan Keegan & Co. saved Indianapolis residents $1.4 million in reduced debt service cost. Morgan Keegan, senior manager for the $19.4 million transaction, delivered seven percent present value savings compared to the par amount of the original fixed rate bonds issued in 1995 through 1999.

Morgan Keegan was chosen by the Indianapolis Bond Bank to underwrite the municipal bond issue, which represents the largest issue the firm has senior managed in the state to date. Backstrom McCarley Berry & Co., LLC served as co-manager on the issue. The Bond Bank is the issuing entity for the city and the county.

"Kevin Taylor (Bond Bank Executive Director) and his finance team were focused on finding a cost-savings solution for the city’s taxpayers. With over $1.4 million in savings accomplished through a fixed rate refunding, the city achieved its goal,” said Kevin Thompson, Morgan Keegan’s public finance banker who led the underwriting team.

The issue provided savings for five city entities including the Indianapolis Public Transportation Corporation (IndyGo), the Public Building Authority, the Flood Control and Sanitary Districts and the Redevelopment District.

Morgan Keegan continues to build its Midwest presence, according to Thomas Curran, senior vice president and manager of Morgan Keegan’s Indianapolis branch office. In the past year, the firm has participated in 15 negotiated underwritings in several states in the region including Indiana.

"Working as a team with our colleagues in public finance, we offer clients a level of expertise in the municipal market that has contributed to our consistent growth for the last several years,” Curran said.

About Morgan Keegan & Company, Inc.

With more than 4,300 employees providing services in over 300 offices, Memphis, Tenn. based Morgan Keegan is one of the largest full-service brokerage and investment firms in the nation. The firm’s staff of more than 180 public finance professionals provides underwriting services through 28 banking offices in 14 states. Additional information about Morgan Keegan, the investment and securities brokerage trust and asset management division of Regions Financial Corp. (NYSE:RF), can be found at www.morgankeegan.com.

About Regions Financial Corporation

Regions Financial Corporation, with $143 billion in assets, is a member of the S&P 100 Index and one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.