Published on 5/2/2013 in the Prospect News Municipals Daily.
New Issue: East Baton Rouge Sewerage, La., sells $126.26 million debt
By Sheri Kasprzak
New York, May 2 - The Louisiana Local Government Environmental Facilities and Community Development Authority priced $126.26 million of series 2013A subordinate lien revenue bonds for the East Baton Rouge Sewerage Commission, according to a pricing sheet.
The bonds (A1/A+/AA-) were sold through senior managers Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due in 2035, 2043 and 2048. The 2035 bonds have a 5% coupon priced at 113.863, and the 2043 bonds have a 5% coupon priced at 111.485. The 2048 bonds have a 4% coupon priced at 97.788 and a 5% coupon priced at 110.62.
Proceeds will be used to construct, improve and rehabilitate the sewage disposal system for the commission.
| Issuer: | Louisiana Local Government Environmental Facilities and Community Development Authority/East Baton Rouge Sewerage Commission
|
| Issue: | Series 2013A subordinate lien revenue bonds
|
| Amount: | $126.26 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Raymond James/Morgan Keegan, Loop Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Stephens Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | May 2
|
| Settlement date: | May 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $19,275,000 | 2035 | Term | 5% | 113.863
|
| $33,095,000 | 2043 | Term | 5% | 111.485
|
| $57.89 million | 2048 | Term | 4% | 97.788
|
| $16 million | 2048 | Term | 5% | 110.62
|
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