Published on 4/21/2016 in the Prospect News Municipals Daily.
New Issue: Louisiana comes to market with $362.74 million of G.O. refunding bonds
By Sheri Kasprzak
New York, April 21 – The State of Louisiana sold $362.74 million of series 2016 general obligation refunding bonds, according to a pricing sheet.
The deal included $275,935,000 of series 2016B bonds and $86,805,000 of series 2016C taxable bonds.
The 2016B bonds are due 2022 to 2029 with 3% to 5% coupons.
The 2016C bonds are due 2017 to 2021 with 1.087% to 1.989% coupons, all priced at par.
The bonds (/AA/AA-) were sold through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | State of Louisiana
|
| Issue: | Series 2016 general obligation refunding bonds
|
| Amount: | $362.74 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Goldman Sachs & Co., Raymond James/Morgan Keegan, Loop Capital Markets LLC and Drexel Hamilton LLC (co-managers)
|
| Ratings: | Standard & Poor’s: AA
|
| Fitch: AA-
|
| Pricing date: | April 20
|
| Settlement date: | April 28
|
|
|
| $275,935,000 series 2016B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,755,000 | 2022 | Serial | 3% | 108.118
|
| $24,905,000 | 2022 | Serial | 5% | 119.971
|
| $10.74 million | 2023 | Serial | 5% | 121.528
|
| $1,145,000 | 2024 | Serial | 4% | 115.4
|
| $10.2 million | 2024 | Serial | 5% | 122.986
|
| $660,000 | 2025 | Serial | 4% | 115.817
|
| $44.87 million | 2025 | Serial | 5% | 124.187
|
| $5,145,000 | 2026 | Serial | 4% | 115.948
|
| $58.59 million | 2026 | Serial | 5% | 125.063
|
| $50.1 million | 2027 | Serial | 5% | 124.027
|
| $49,325,000 | 2028 | Serial | 5% | 123.411
|
| $17.5 million | 2029 | Serial | 5% | 122.392
|
|
|
| $86,805,000 series 2016C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $29,135,000 | 2017 | Serial | 1.087% | 100
|
| $29,075,000 | 2018 | Serial | 1.26% | 100
|
| $15,445,000 | 2019 | Serial | 1.502% | 100
|
| $6.17 million | 2020 | Serial | 1.769% | 100
|
| $6.98 million | 2021 | Serial | 1.989% | 100
|
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