Finance chair Bart secures $125M bond offering amid market challenges

The IndyGo Board of Directors meeting on May 15, 2025, highlighted a significant financial achievement regarding the sale of bonds. The board successfully went to market with a bond offering of $125 million, which garnered an impressive response from investors, totaling requests of approximately $1.4 billion.

The finance chair, Bart, played a crucial role in this process, especially after initial challenges arose when the market reacted to the announcement of a tariff plan by the president. Despite these hurdles, the team, including legal and budget staff, managed to reschedule the offering, resulting in a subscription rate that was ten times higher than needed. The final offering amounted to just over $124 million, with an all-in interest rate of 4.27%, successfully staying below the target rate of 4.5%.

The board also noted the strong bond rating of AA minus, which contributed positively to the offering's success. The meeting concluded with commendations for the team’s hard work and effective management of the bond sale, marking a significant milestone for IndyGo's financial strategy.