Published on 4/2/2014 in the Prospect News Municipals Daily.
New Issue: East Baton Rouge Sewerage, La., offers $209.79 million of revenue bonds
By Sheri Kasprzak
New York, April 2 - The Louisiana Local Government Environmental Facilities and Community Development Authority sold $209,785,000 of series 2014A subordinate lien revenue bonds for the East Baton Rouge Sewerage Commission, according to a pricing sheet.
The bonds (A1/A+/AA-) were sold through J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The bonds are due 2025 to 2034 with term bonds due in 2039 and 2044. The serial bonds have 5% coupons with yields from 3.21% to 4.04%. The 2039 bonds have a 4.375% coupon priced at 99.171 to yield 4.43% and a 5% coupon priced at 106.123 to yield 4.23%. The 2044 bonds have a 5% coupon priced at 105.22 to yield 4.34%.
Proceeds will be used to finance the upgrade, construction, extension and rehabilitation of the sewer system operated by the commission.
| Issuer: | Louisiana Local Government Environmental Facilities and Community Development Authority/East Baton Rouge Sewerage Commission
|
| Issue: | Series 2014A subordinate lien revenue bonds
|
| Amount: | $209,785,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (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: | April 1
|
| Settlement date: | April 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,305,000 | 2025 | Serial | 5% | 114.955 | 3.21%
|
| $6.63 million | 2026 | Serial | 5% | 113.692 | 3.35%
|
| $6.97 million | 2027 | Serial | 5% | 112.711 | 3.46%
|
| $7,325,000 | 2028 | Serial | 5% | 111.828 | 3.56%
|
| $7.7 million | 2029 | Serial | 5% | 111.041 | 3.65%
|
| $8,095,000 | 2030 | Serial | 5% | 110.26 | 3.74%
|
| $8.51 million | 2031 | Serial | 5% | 109.059 | 3.88%
|
| $8,945,000 | 2032 | Serial | 5% | 108.464 | 3.95%
|
| $9,405,000 | 2033 | Serial | 5% | 107.873 | 4.02%
|
| $9.89 million | 2034 | Serial | 5% | 107.705 | 4.04%
|
| $27 million | 2039 | Term | 4.375% | 99.171 | 4.43%
|
| $30.15 million | 2039 | Term | 5% | 106.123 | 4.23%
|
| $72.86 million | 2044 | Term | 5% | 105.22 | 4.34%
|
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