Published on 7/30/2009 in the Prospect News Municipals Daily.
New Issue: Louisiana Public Facilities Authority prices $156 million revenue refunding bonds at 5.83% all-in TIC
By Aaron Hochman-Zimmerman
New York, July 30 - The Louisiana Public Facilities Authority priced $156.005 million of series 2009A revenue refunding bonds (A1/A+/) at an all-in true interest cost of 5.83% on behalf of Christus Health, according to a market source.
The bonds carry serial maturities from 2010 to 2020 with term bonds due 2024 and 2029.
There is a call at par on July 1, 2019 which does not include the 5 7/8% bond due 2024. That bond has a call at par on July 1, 2014.
Citigroup Global Markets Inc. and Goldman, Sachs & Co. acted as lead underwriters for the negotiated deal. Edward D. Jones & Co., Merrill Lynch & Co. Inc., Morgan Stanley & Co. Inc. and RBC Capital Markets Inc. were co-managers.
Proceeds will be used to refund existing debt and make a deposit to a debt service reserve fund.
The Louisiana Public Facilities Authority is located in Baton Rouge, La.
Issuer: Louisiana Public Facilities Authority/Christus Health
Issue: Series 2009A revenue refunding bond
| Amount: | $156.005 million
|
| Maturities: | Serial bonds from 2010 to 2020, term bonds in 2024, 2029
|
| All-in true interest cost: | 5.83%
|
| Underwriters: | Citigroup Global Markets Inc., Goldman, Sachs & Co. (lead); Edward D. Jones & Co., Merrill Lynch & Co. Inc., Morgan Stanley & Co. Inc., RBC Capital Markets Inc. (co-managers)
|
| Type: | Negotiated
|
| Pricing date: | July 30
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
|
|
| Serial bonds
|
| Maturity: | Amount: | Coupon: | Yield: | Price:
|
| July 1, 2010 | 5.360 million | 3.000% | 2.420% | 100.503
|
| July 1, 2011 | 1.970 million | 3.000% | 2.800% | 100.363
|
| July 1, 2011 | 2.950 million | 5.000% | 2.800% | 104.011 |
|
| July 1, 2012 | 1.470 million | 3.000% | 3.090% | 99.751
|
| July 1, 2012 | 3.775 million | 5.000% | 3.090% | 105.231
|
| July 1, 2013 | 1.820 million | 4.000% | 3.500% | 101.798 |
|
| July 1, 2013 | 5.000 million | 5.000% | 3.500% | 105.402
|
| July 1, 2014 | 1.615 million | 4.000% | 3.940% | 100.26
|
| July 1, 2014 | 7.000 million | 5.000% | 3.940% | 104.665
|
| July 1, 2015 | 2.805 million | 4.000% | 4.220% | 98.86
|
| July 1, 2015 | 6.740 million | 5.000% | 4.220% | 104.023
|
| July 1, 2016 | 5.000 million | 5.000% | 4.490% | 102.987
|
| July 1, 2017 | 6.970 million | 5.000% | 4.750% | 101.623
|
| July 1, 2018 | 8.355 million | 5.000% | 5.000% | Par
|
| July 1, 2019 | 8.775 million | 5.000% | 5.200% | 98.463
|
| July 1, 2020 | 7.200 million | 5.250% | 5.380% | 98.933
|
|
|
| Term bonds
|
| July 1, 2024 16.485 million | 5.875% | 5.950% | 99.258
|
| July 1, 2029 | 28.000 million | 6.125% | 6.125% | Par |
|
| July 1, 2029 | 34.715 million | 6.000% | 6.125% | 98.566
|
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