Published on 12/9/2014 in the Prospect News Municipals Daily.
New Issue: East Baton Rouge Sewerage, La., prices $330.79 million revenue bonds
By Sheri Kasprzak
New York, Dec. 9 – The East Baton Rouge Sewerage Commission of Louisiana sold $330.79 million of series 2014 revenue refunding bonds, according to a term sheet. The offering was downsized from $341.35 million.
The deal included $127,455,000 of series 2014A taxable bonds and $203,335.000 of series 2014B tax-exempt bonds.
The 2014A bonds are due 2019 to 2031 with 1.965% to 4% coupons, all priced at par.
The 2014B bonds are due 2020 to 2034 with a term bond due in 2039. The serial bonds have 5% coupons. The 2039 bonds have a 4% coupon priced at 102.425 and a 5% coupon priced at 114.895.
The bonds (Aa3/AA-/AA) were sold through senior managers J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
Proceeds will be used to refund the commission’s series 2006A-B and 2009A revenue bonds.
| Issuer: | East Baton Rouge Sewerage Commission
|
| Issue: | Series 2014 revenue refunding bonds
|
| Amount: | $330.79 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Loop Capital Markets LLC, Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC and Stephens Inc. (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 17
|
|
|
| $127,455,000 series 2014A taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,225,000 | 2019 | Serial | 1.965% | 100
|
| $5.5 million | 2020 | Serial | 2.465% | 100
|
| $8.7 million | 2021 | Serial | 2.609% | 100
|
| $9.26 million | 2022 | Serial | 2.909% | 100
|
| $9.54 million | 2023 | Serial | 3.20% | 100
|
| $9,845,000 | 2024 | Serial | 3.30% | 100
|
| $10,165,000 | 2025 | Serial | 3.40% | 100
|
| $10,515,000 | 2026 | Serial | 3.45% | 100
|
| $10,895,000 | 2027 | Serial | 3.55% | 100
|
| $11.29 million | 2028 | Serial | 3.65% | 100
|
| $11.71 million | 2029 | Serial | 3.83% | 100
|
| $12,165,000 | 2030 | Serial | 3.95% | 100
|
| $12,645,000 | 2031 | Serial | 4.00% | 100
|
|
|
| $203,335,000 series 2014B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.92 million | 2020 | Serial | 5% | 117.462
|
| $3.08 million | 2021 | Serial | 5% | 118.916
|
| $3.24 million | 2022 | Serial | 5% | 119.746
|
| $3,415,000 | 2023 | Serial | 5% | 120.885
|
| $3.6 million | 2024 | Serial | 5% | 121.917
|
| $3.8 million | 2025 | Serial | 5% | 122.433
|
| $4 million | 2026 | Serial | 5% | 121.037
|
| $4,195,000 | 2027 | Serial | 5% | 120.052
|
| $4.42 million | 2028 | Serial | 5% | 119.077
|
| $4,655,000 | 2029 | Serial | 5% | 118.207
|
| $4.9 million | 2030 | Serial | 5% | 117.823
|
| $5.17 million | 2031 | Serial | 5% | 117.249
|
| $16,255,000 | 2032 | Serial | 5% | 117.059
|
| $17.09 million | 2033 | Serial | 5% | 116.584
|
| $17,965,000 | 2034 | Serial | 5% | 116.112
|
| $30 million | 2039 | Term | 4% | 102.425
|
| $74.63 million | 2039 | Term | 5% | 114.895
|
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