Published on 5/7/2013 in the Prospect News Municipals Daily.
New Issue: Louisiana prices $300 million of general obligation bonds
By Sheri Kasprzak
New York, May 7 - The State of Louisiana sold $300 million of series 2013 general obligation bonds, according to a pricing sheet.
The offering included $130.71 million of series 2013A G.O. bonds and $169.29 million of series 2013B taxable G.O. bonds.
The 2013A bonds are due 2014 to 2033 with 2% to 5% coupons and 0.40% to 3.07% yields.
The 2013B bonds are due 2014 to 2026 with coupons from 0.24% to 2.88% and yields from 0.24% to 2.88%.
The bonds (Aa2//AA) were sold competitively with BofA Merrill Lynch winning the 2013A bonds and Raymond James/Morgan Keegan winning the 2013B bonds.
Proceeds will be used to finance general government, cultural, tourism, recreation, public safety, corrections, transportation and education projects.
| Issuer: | State of Louisiana
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $300 million
|
| Type: | Competitive
|
| Underwriters: | BofA Merrill Lynch (winner for 2013A), Raymond James/Morgan Keegan (for 2013B)
|
| True interest cost: | 3.251411% (for 2013A), 2.109784% (for 2013B)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | May 7
|
| Settlement date: | May 23
|
|
|
| $130.71 million series 2013A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100,000 | 2014 | Serial | 2% | 101.559 | 0.40%
|
| $100,000 | 2015 | Serial | 3% | 104.913 | 0.50%
|
| $100,000 | 2016 | Serial | 4% | 109.863 | 0.65%
|
| $100,000 | 2017 | Serial | 4% | 112.503 | 0.80%
|
| $100,000 | 2018 | Serial | 4% | 114.375 | 1.03%
|
| $100,000 | 2019 | Serial | 4% | 115.979 | 1.22%
|
| $100,000 | 2020 | Serial | 4% | 117.009 | 1.43%
|
| $100,000 | 2022 | Serial | 4% | 118.071 | 1.81%
|
| $100,000 | 2023 | Serial | 4% | 118.207 | 1.98%
|
| $100,000 | 2024 | Serial | 4% | 117.219 | 2.08%
|
| $100,000 | 2025 | Serial | 4% | 116.046 | 2.20%
|
| $1,025,000 | 2026 | Serial | 5% | 124.352 | 2.26%
|
| $15,795,000 | 2027 | Serial | 4% | 113.362 | 2.48%
|
| $16,585,000 | 2028 | Serial | 4% | 111.581 | 2.67%
|
| $17.41 million | 2029 | Serial | 4% | 109.925 | 2.85%
|
| $18.28 million | 2030 | Serial | 4% | 109.379 | 2.91%
|
| $19,195,000 | 2031 | Serial | 4% | 108.837 | 2.97%
|
| $20,155,000 | 2032 | Serial | 4% | 108.387 | 3.02%
|
| $21,165,000 | 2033 | Serial | 4% | 107.94 | 3.07%
|
|
|
| $169.29 million series 2013B taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11.63 million | 2014 | Serial | 0.24% | 100 | 0.24%
|
| $11,955,000 | 2015 | Serial | 0.40% | 100 | 0.40%
|
| $12.07 million | 2016 | Serial | 0.54% | 100 | 0.54%
|
| $12,205,000 | 2017 | Serial | 1% | 100.624 | 0.84%
|
| $12.37 million | 2018 | Serial | 1.5% | 101.932 | 1.10%
|
| $15,615,000 | 2019 | Serial | 2% | 102.501 | 1.56%
|
| $23 million | 2020 | Serial | 2% | 101.899 | 1.71%
|
| $13.45 million | 2022 | Serial | 2.13% | 100 | 2.13%
|
| $13,825,000 | 2023 | Serial | 2.33% | 100 | 2.33%
|
| $14.24 million | 2024 | Serial | 2.48% | 100 | 2.48%
|
| $14.69 million | 2025 | Serial | 2.68% | 100 | 2.68%
|
| $14.24 million | 2026 | Serial | 2.88% | 100 | 2.88%
|
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