Published on 12/19/2013 in the Prospect News Municipals Daily.
New Issue: Louisiana offers up $111.68 million of unclaimed property revenue bonds
By Sheri Kasprzak
New York, Dec. 19 - The State of Louisiana sold $111,675,000 of series 2013 unclaimed property special revenue bonds, according to a pricing sheet.
The deal included $90,595,000 of series 2013 North bonds and $21.08 million of series 2013 South bonds.
The 2013 North bonds are due 2015 to 2033 with 3% to 5% coupons and 0.45% to 4.54% yields.
The 2013 South bonds are due 2015 to 2033 with coupons from 2% to 5% and yields from 0.45% to 4.66%.
The bonds (Aa3/AA-/) were sold through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to match federal funds to make improvements to Interstate 49.
| Issuer: | State of Louisiana
|
| Issue: | Series 2013 unclaimed property special revenue bonds
|
| Amount: | $111,675,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Morgan Stanley & Co. LLC, Stephens Inc. and Drexel Hamilton LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 23
|
|
|
| $90,595,000 series 2013 North bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.05 million | 2015 | Serial | 3% | 104.285 | 0.45%
|
| $3.14 million | 2016 | Serial | 4% | 108.718 | 0.72%
|
| $3,265,000 | 2017 | Serial | 5% | 114.137 | 1.08%
|
| $3.43 million | 2018 | Serial | 5% | 115.542 | 1.55%
|
| $3.6 million | 2019 | Serial | 5% | 116.228 | 1.97%
|
| $3.78 million | 2020 | Serial | 5% | 115.841 | 2.42%
|
| $3.97 million | 2021 | Serial | 5% | 115.194 | 2.79%
|
| $4.17 million | 2022 | Serial | 5% | 114.699 | 3.06%
|
| $4.38 million | 2023 | Serial | 5% | 114.173 | 3.28%
|
| $4,595,000 | 2024 | Serial | 5% | 112.58 | 3.46%
|
| $4,825,000 | 2025 | Serial | 5% | 111.187 | 3.62%
|
| $5.07 million | 2026 | Serial | 5% | 109.815 | 3.78%
|
| $5.32 million | 2027 | Serial | 5% | 108.547 | 3.93%
|
| $5,585,000 | 2028 | Serial | 5% | 107.379 | 4.07%
|
| $5,865,000 | 2029 | Serial | 5% | 106.144 | 4.22%
|
| $6.16 million | 2030 | Serial | 5% | 105.33 | 4.32%
|
| $6.47 million | 2031 | Serial | 5% | 104.605 | 4.41%
|
| $6.79 million | 2032 | Serial | 5% | 104.044 | 4.48%
|
| $7.13 million | 2033 | Serial | 5% | 103.567 | 4.54%
|
|
|
| $21.08 million series 2013 South bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $775,000 | 2015 | Serial | 2% | 102.604 | 0.45%
|
| $790,000 | 2016 | Serial | 2% | 103.402 | 0.72%
|
| $805,000 | 2017 | Serial | 2% | 103.317 | 1.08%
|
| $820,000 | 2018 | Serial | 2% | 102.026 | 1.55%
|
| $835,000 | 2019 | Serial | 5% | 116.228 | 1.97%
|
| $880,000 | 2020 | Serial | 5% | 115.841 | 2.42%
|
| $920,000 | 2021 | Serial | 5% | 115.194 | 2.79%
|
| $970,000 | 2022 | Serial | 5% | 114.699 | 3.06%
|
| $1,015,000 | 2023 | Serial | 4% | 105.931 | 3.28%
|
| $1,055,000 | 2024 | Serial | 5% | 112.58 | 3.46%
|
| $1.11 million | 2025 | Serial | 5% | 111.187 | 3.62%
|
| $1,165,000 | 2026 | Serial | 5% | 109.815 | 3.78%
|
| $1,225,000 | 2027 | Serial | 5% | 108.547 | 3.93%
|
| $1,285,000 | 2028 | Serial | 5% | 107.379 | 4.07%
|
| $1.35 million | 2029 | Serial | 5% | 106.144 | 4.22%
|
| $1,415,000 | 2030 | Serial | 5% | 105.33 | 4.32%
|
| $1.49 million | 2031 | Serial | 4.375% | 98.121 | 4.53%
|
| $1,555,000 | 2032 | Serial | 4.375% | 97.193 | 4.60%
|
| $1.62 million | 2033 | Serial | 4.5% | 97.946 | 4.66%
|
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