Published on 11/17/2014 in the Prospect News Municipals Daily.
New Issue: Louisiana brings to market $217.89 million G.O. refunding bond offering
By Sheri Kasprzak
New York, Nov. 17 – The State of Louisiana sold $217,885,000 of series 2014C general obligation refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2019 to 2027 with 5% coupons and yields from 1.25% to 2.74%.
Proceeds will be used to advance refund all or a portion of the state’s series 2006C, 2009A, 2011A and 2012A general obligation bonds.
| Issuer: | State of Louisiana
|
| Issue: | Series 2014C general obligation refunding bonds
|
| Amount: | $217,885,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Jefferies & Co., First Southwest Co. and Loop Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 25
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,335,000 | 2019 | Serial | 5% | 117.004 | 1.25%
|
| $8,765,000 | 2020 | Serial | 5% | 118.398 | 1.60%
|
| $23,605,000 | 2021 | Serial | 5% | 119.367 | 1.90%
|
| $24.81 million | 2022 | Serial | 5% | 120.082 | 2.15%
|
| $26.08 million | 2023 | Serial | 5% | 120.964 | 2.32%
|
| $27.42 million | 2024 | Serial | 5% | 121.956 | 2.44%
|
| $67,855,000 | 2025 | Serial | 5% | 120.805 | 2.56%
|
| $12,695,000 | 2026 | Serial | 5% | 119.667 | 2.68%
|
| $18.32 million | 2027 | Serial | 5% | 119.103 | 2.74%
|
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