Published on 1/16/2013 in the Prospect News Municipals Daily.
New Issue: Louisiana Stadium and Exposition prices $311.35 million refunding bonds
By Sheri Kasprzak
New York, Jan. 16 - The Louisiana Stadium and Exposition District came to market with $311,345,000 of series 2013 senior revenue refunding bonds, said a pricing sheet.
The bonds (A3//A) were sold through Bank of America Merrill Lynch.
The deal included $270.87 million of series 2013A tax-exempt bonds and $40,475,000 of series 2013B taxable bonds.
The 2013A bonds are due 2017 to 2032 with a term bond due in 2036. The serial coupons range from 2.5% to 5%. The 2036 bonds have a split maturity with a 3.625% coupon priced at 99.139 and a 5% coupon priced at 113.373.
The 2013B bonds are due 2013 to 2017 with 0.70% to 1.889% coupons, all priced at par.
Proceeds will be used to refund existing debt and terminate swap agreements connected to the refunded bonds.
| Issuer: | Louisiana Stadium and Exposition District
|
| Issue: | Series 2013 senior revenue refunding bonds
|
| Amount: | $311,345,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Goldman, Sachs & Co., Dorsey & Co. Inc., Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody's: A3
|
| Fitch: A
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 30
|
|
|
| $270.87 million series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $500,000 | 2017 | Serial | 4% | 111.97
|
| $1,375,000 | 2018 | Serial | 2.5% | 105.667
|
| $8,325,000 | 2018 | Serial | 5% | 118.666
|
| $10.19 million | 2019 | Serial | 5% | 120.257
|
| $550,000 | 2020 | Serial | 3% | 107.434
|
| $10.14 million | 2020 | Serial | 5% | 121.202
|
| $11,215,000 | 2021 | Serial | 5% | 121.668
|
| $11,775,000 | 2022 | Serial | 5% | 121.331
|
| $2.5 million | 2023 | Serial | 3% | 102.891
|
| $9,835,000 | 2023 | Serial | 5% | 120.967
|
| $12,925,000 | 2024 | Serial | 5% | 119.361
|
| $13.57 million | 2025 | Serial | 5% | 118.567
|
| $14,245,000 | 2026 | Serial | 5% | 117.78
|
| $7.35 million | 2027 | Serial | 3.25% | 99.314
|
| $7.54 million | 2027 | Serial | 5% | 117.194
|
| $15.57 million | 2028 | Serial | 5% | 116.611
|
| $16,345,000 | 2029 | Serial | 5% | 116.031
|
| $17,165,000 | 2030 | Serial | 5% | 115.647
|
| $2.9 million | 2031 | Serial | 4% | 104.154
|
| $15,105,000 | 2031 | Serial | 5% | 115.264
|
| $18,895,000 | 2032 | Serial | 5% | 114.978
|
| $1.93 million | 2036 | Term | 3.625% | 99.139
|
| $60,925,000 | 2036 | Term | 5% | 113.373
|
|
|
| $40,475,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.3 million | 2013 | Serial | 0.70% | 100
|
| $8.92 million | 2014 | Serial | 0.985% | 100
|
| $9,065,000 | 2015 | Serial | 1.309% | 100
|
| $9.27 million | 2016 | Serial | 1.609% | 100
|
| $8.92 million | 2017 | Serial | 1.889% | 100
|
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