By Aaron Hochman-Zimmerman
New York, April 30 - The East Baton Rouge Sewerage Commission priced $164.965 million series 2009 sewer system revenue bonds at an all-in true interest cost of 5.36% (A1/AA-/AA-) on Wednesday, according to Gordon King, financial adviser for Government Consultants of Louisiana Inc.
The sale was originally scheduled at an amount of $164.965 million, although many reports indicated the commission would sell $350 million, King said.
Merrill Lynch & Co. Inc. acted as lead underwriter for the negotiated deal.
The bonds carry serial maturities from 2016 to 2029 with term bonds maturing in 2034 and 2039.
Proceeds will be used to fund capital improvements to the sewer system.
The East Baton Rouge Sewerage Commission is located in Baton Rouge, La.
| Issuer: | East Baton Rouge Sewerage Commission
|
| Issue: | Series 2009 sewer system revenue bonds
|
| Amount: | $164.965 million
|
| Maturities: | Serial bonds from 2016 to 2029, term bonds in 2034, 2039
|
| All-in true interest cost: | 5.36%
|
| Type: | Negotiated
|
| Underwriter: | Merrill Lynch & Co. Inc.
|
| Pricing date: | April 30
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
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