By Sheri Kasprzak
New York, May 20 - The East Baton Rouge Sewerage Commission of Louisiana sold $373.36 million in series 2010 revenue bonds (Aa2/AA-/AA) on Thursday, according to a term sheet.
The deal included $15.52 million in series 2010A tax-exempt bonds and $357.84 million in series 2010B Build America Bonds.
J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. were the lead managers. The co-managers were Jackson Securities Inc.; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; Siebert Brandford Shank & Co. LLC.
The 2010A bonds are due 2012 to 2014 with coupons from 3% to 5%. The 2010B bonds are due 2015 to 2025 with term bonds due 2030 and 2045. The serial coupons range from 2.973% to 5.253%, all priced at par. The 2030 bonds have a 5.887% coupon, priced at par, and the 2045 bonds have a 6.087% coupon, also priced at par.
Proceeds will be used to improve, expand, acquire and construct improvements to the sewerage system in East Baton Rouge, La.
| Issuer: | East Baton Rouge Sewerage Commission
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $373.36 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. (lead); Jackson Securities Inc.; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | May 20
|
| Settlement date: | May 27
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 3% | 103.149
|
| 2013 | Serial | 4% | 106.699
|
| 2014 | Serial | 5% | 111.26
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 2.973% | 100
|
| 2016 | Serial | 3.543% | 100
|
| 2017 | Serial | 3.693% | 100
|
| 2018 | Serial | 4.053% | 100
|
| 2019 | Serial | 4.153% | 100
|
| 2020 | Serial | 4.253% | 100
|
| 2021 | Serial | 4.353% | 100
|
| 2022 | Serial | 4.503% | 100
|
| 2023 | Serial | 4.753% | 100
|
| 2024 | Serial | 5.003% | 100
|
| 2025 | Serial | 5.253% | 100
|
| 2030 | Term | 5.887% | 100
|
| 2045 | Term | 6.087% | 100
|
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