Published on 1/23/2015 in the Prospect News Municipals Daily.
New Issue: Louisiana offers up $629.42 million gas and fuels tax refunding bonds
By Sheri Kasprzak
New York, Jan. 23 – The State of Louisiana priced $629.42 million of series 2015 gasoline and fuels tax revenue refunding bonds, according to a pricing sheet. The offering was upsized from $459.64 million.
The deal included $586,815,000 of series 2015A bonds and $42,605,000 of series 2015B bonds.
The 2015A bonds are due 2032 to 2035 with term bonds due in 2039 and 2041. The serial bonds have 5% coupons. The 2039 bonds have a 4.5% coupon priced at 111.509 and the 2041 bonds have a 4% coupon priced at 105.839 and a 5% coupon priced at 118.229.
The 2015B bonds are due 2021 to 2026 with 5% coupons.
The bonds were sold through senior manager Citigroup Global Markets Inc.
Proceeds will be used to refund existing debt.
| Issuer: | State of Louisiana
|
| Issue: | Series 2015 gasoline and fuels tax revenue refunding bonds
|
| Amount: | $629.42 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, Loop Capital Markets LLC and Raymond James/Morgan (co-managers)
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 19
|
|
|
| $586,815,000 series 2015A refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,625,000 | 2032 | Serial | 5% | 120.78
|
| $2.82 million | 2033 | Serial | 5% | 120.284
|
| $3,025,000 | 2034 | Serial | 5% | 119.889
|
| $3.24 million | 2035 | Serial | 5% | 119.496
|
| $313,375,000 | 2039 | Term | 4.5% | 111.509
|
| $225,005,000 | 2041 | Term | 4% | 105.839
|
| $36,725,000 | 2041 | Term | 5% | 118.229
|
|
|
| $42,605,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,265,000 | 2021 | Serial | 5% | 121.173
|
| $6,575,000 | 2022 | Serial | 5% | 122.728
|
| $6,905,000 | 2023 | Serial | 5% | 124.463
|
| $7.25 million | 2024 | Serial | 5% | 125.474
|
| $7,615,000 | 2025 | Serial | 5% | 126.184
|
| $7,995,000 | 2026 | Serial | 5% | 124.729
|
|
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