Published on 10/17/2013 in the Prospect News Municipals Daily.
New Issue: Louisiana brings $74.88 million of gasoline, fuels tax refunding bonds
By Sheri Kasprzak
New York, Oct. 17 - The State of Louisiana sold $74,875,000 of series 2013C gasoline and fuels tax revenue refunding bonds, according to a pricing sheet.
The deal included $59.98 million of series 2013C-1 bonds and $14,895,000 of series 2013C-2 bonds.
The 2013C-1 bonds are due 2024 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 4% to 5%. The 2038 bonds have a 4.5% coupon priced at 95.983 and the 2043 bonds have a 5% coupon priced at 103.138.
The 2013C-2 bonds are due 2014 to 2023 with 0.984% to 4.026% coupons.
The bonds (Aa2/AA/AA-) were sold through senior manager Goldman, Sachs & Co.
Proceeds will be used to refund the state's series 2009 gasoline and fuels tax revenue bonds and terminate related interest rate swap agreements.
| Issuer: | State of Louisiana
|
| Issue: | Series 2013C gasoline and fuels tax revenue refunding bonds
|
| Amount: | $74,875,000
|
| Type: | Negotiated
|
| Underwriter: | Goldman, Sachs & Co. (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | Oct. 16
|
| Settlement date: | Nov. 1
|
|
|
| $59.98 million series 2013C-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $50,000 | 2024 | Serial | 5% | 114.205
|
| $115,000 | 2025 | Serial | 5% | 112.896
|
| $180,000 | 2026 | Serial | 5% | 111.435
|
| $250,000 | 2027 | Serial | 5% | 109.829
|
| $320,000 | 2028 | Serial | 4% | 98.377
|
| $395,000 | 2029 | Serial | 5% | 107.675
|
| $480,000 | 2030 | Serial | 5% | 106.698
|
| $565,000 | 2031 | Serial | 5% | 106.053
|
| $655,000 | 2032 | Serial | 5% | 105.412
|
| $755,000 | 2033 | Serial | 5% | 104.934
|
| $5.35 million | 2038 | Term | 4.5% | 95.983
|
| $50,865,000 | 2043 | Term | 5% | 103.138
|
|
|
| $14,895,000 series 2013C-2 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.49 million | 2014 | Serial | 1.25% | 100.329
|
| $1,485,000 | 2015 | Serial | 0.984% | 100
|
| $1.49 million | 2016 | Serial | 1.291% | 100
|
| $1.49 million | 2017 | Serial | 1.95% | 100
|
| $1.49 million | 2018 | Serial | 2.35% | 100
|
| $1.49 million | 2019 | Serial | 2.853% | 100
|
| $1.49 million | 2020 | Serial | 3.203% | 100
|
| $1.49 million | 2021 | Serial | 3.576% | 100
|
| $1.49 million | 2022 | Serial | 3.826% | 100
|
| $1.49 million | 2023 | Serial | 4.026% | 100
|
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