Louisiana organizes $112.82 million sale of unclaimed property bonds

By Sheri Kasprzak

New York, Dec. 9 - The State of Louisiana is set to price $112.82 million of series 2013 unclaimed property special revenue bonds for the Interstate 49 project, said a preliminary official statement. Pricing is slated for the week of Dec. 9.

The offering includes $92,345,000 of series 2013 North bonds and $20,475,000 of series 2013 South bonds.

The bonds (Aa3/AA-/) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are Morgan Stanley & Co. LLC, Stephens Inc. and Drexel Hamilton LLC.

The North bonds are due 2015 to 2033. The South bonds are due 2015 to 2033.

Proceeds will be used to match federal funds to make improvements to Interstate 49.

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