By Sheri Kasprzak
New York, April 18 - The Louisiana Public Facilities Authority sold $509 million of series 2011A Libor floating-rate taxable student loan-backed bonds (AAA/AAA), said an official statement.
The deal included $151 million of series 2011A-1 bonds, $248 million of series 2011A-2 bonds and $110 million of series 2011A-3 bonds.
The 2011A-1 bonds are due April 26, 2021 and bear interest at three-month Libor plus 50 bps priced at 99.797. The 2011A-2 bonds are due April 26, 2027 and bear interest at three-month Libor plus 90 bps priced at 98.543. The 2011A-3 bonds are due April 25, 2035 and bear interest at three-month Libor plus 95 bps priced at 95.527.
RBC Capital Markets LLC and Merrill Lynch were the senior managers with Morgan Keegan & Co. Inc. as the co-manager.
Proceeds will be used to refund existing debt.
Headquartered in Baton Rouge, La., the authority provides funding for industrial and public projects.
| Issuer: | Louisiana Public Facilities Authority
|
| Issue: | Series 2011A Libor floating-rate taxable student loan-backed bonds
|
| Amount: | $509 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Merrill Lynch (lead), Morgan Keegan & Co. Inc. (co-manager)
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | April 14
|
| Settlement date: | April 20
|
|
|
| $151 million series 2011A-1
|
| Maturity: | April 26, 2021
|
| Coupon: | Three-month Libor plus 50 bps
|
| Price: | 99.797
|
|
|
| $248 million series 2011A-2
|
| Maturity: | April 26, 2027
|
| Coupon: | Three-month Libor plus 90 bps
|
| Price: | 98.543
|
|
|
| $110 million series 2011A-3
|
| Maturity: | April 25, 2035
|
| Coupon: | Three-month Libor plus 95 bps
|
| Price: | 95.527
|
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