Louisiana Citizens Property Insurance arranges $56 million sale of revenue refunding bonds

By Sheri Kasprzak

New York, Feb. 17 - The Louisiana Citizens Property Insurance Corp. plans to price $56 million of series 2012 assessment revenue refunding bonds, said a preliminary official statement.

The bonds (A3/A-/A-) will be sold on a negotiated basis with Raymond James & Associates Inc.

The bonds are due 2012 to 2024.

Proceeds will be used to refund the corporation's series 2006 revenue bonds, which were issued to pay for losses sustained during hurricanes Katrina and Rita.

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