Published on 2/11/2014 in the Prospect News Municipals Daily.
New Issue: Louisiana brings $496.44 million general obligation bonds competitively
By Sheri Kasprzak
New York, Feb. 11 - The State of Louisiana sold $496.44 million of series 2014 general obligation bonds, said a pricing sheet.
The deal included $347,165,000 of series 2014A G.O. bonds and $149,275,000 of series 2014B taxable G.O.s.
The 2014A bonds are due 2017 to 2034 with 4% to 5% coupons and 0.51% to 4% yields.
The 2014B bonds are due 2015 to 2020 with 0.22% to 2.5% coupons and yields from 0.22% to 2.15%.
The bonds (/AA/AA) were sold competitively with J.P. Morgan Securities LLC winning the bid for the 2014A bonds at a 3.5% true interest cost and Wells Fargo Securities LLC winning the bid for the 2014B bonds at a 1.5% TIC.
Proceeds will be used to finance a variety of capital outlay projects.
| Issuer: | State of Louisiana
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $496.44 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (for 2014A); Wells Fargo Securities LLC (for 2014B)
|
| TIC: | 3.5% (for 2014A); 1.5% (for 2014B)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 20
|
|
|
| $347,165,000 series 2014A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6 million | 2017 | Serial | 5% | 113.117 | 0.51%
|
| $6 million | 2018 | Serial | 5% | 115.99 | 0.87%
|
| $6 million | 2019 | Serial | 5% | 118.198 | 1.2%
|
| $6 million | 2020 | Serial | 5% | 119.151 | 1.61%
|
| $6 million | 2021 | Serial | 5% | 119.725 | 1.95%
|
| $7.48 million | 2022 | Serial | 5% | 119.828 | 2.26%
|
| $12.4 million | 2023 | Serial | 5% | 119.93 | 2.5%
|
| $17,615,000 | 2024 | Serial | 5% | 120.332 | 266%
|
| $10.54 million | 2025 | Serial | 5% | 118.792 | 2.82%
|
| $25.15 million | 2026 | Serial | 5% | 117.559 | 2.95%
|
| $26,155,000 | 2027 | Serial | 5% | 116.434 | 3.07%
|
| $27,205,000 | 2028 | Serial | 5% | 115.322 | 3.19%
|
| $28.29 million | 2029 | Serial | 4% | 103.827 | 3.54%
|
| $29,425,000 | 2030 | Serial | 4% | 103.064 | 3.63%
|
| $30,895,000 | 2031 | Serial | 4% | 102.308 | 3.72%
|
| $32.44 million | 2032 | Serial | 5% | 112.06 | 3.55%
|
| $34.06 million | 2033 | Serial | 4% | 100.161 | 3.98%
|
| $35.51 million | 2034 | Serial | 4% | 100 | 4%
|
|
|
| $149,275,000 series 2014B taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $24,755,000 | 2015 | Serial | 0.22% | 100 | 0.22%
|
| $27.02 million | 2016 | Serial | 0.43% | 100 | 0.43%
|
| $22.17 million | 2017 | Serial | 1% | 100.493 | 0.83%
|
| $24,765,000 | 2018 | Serial | 1.5% | 101.036 | 1.23%
|
| $29,895,000 | 2019 | Serial | 2% | 101.274 | 1.73%
|
| $20.67 million | 2020 | Serial | 2.5% | 101.943 | 2.15%
|
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