Published on 6/18/2014 in the Prospect News Municipals Daily.
New Issue: New Orleans sells $158.99 million sewerage service revenue bonds
By Sheri Kasprzak
New York, June 18 – The City of New Orleans sold $158.99 million of series 2014 sewerage service revenue and refunding bonds, according to a pricing sheet.
The bonds (/A/BBB) were sold through BofA Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.
The bonds are due 2015 to 2029 with term bonds due in 2034 and 2044. The serial coupons range from 2% to 5% with 0.43% to 3.92% yields. The 2034 bonds have a 4.25% coupon priced at 99.332 to yield 4.3%, and the 2044 bonds have a 5% coupon priced at 105.598 to yield 4.3%.
Proceeds will be used to expand, improve, construct and equip the city’s sewerage system, as well as to refund existing sewerage debt.
| Issuer: | City of New Orleans
|
| Issue: | Series 2014 sewerage service revenue and refunding bonds
|
| Amount: | $158.99 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co. LLC (lead), Loop Capital Markets LLC, Raymond James/Morgan Keegan and Stephens Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: BBB
|
| Pricing date: | June 18
|
| Settlement date: | July 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,225,000 | 2015 | Serial | 2% | 101.43 | 0.43%
|
| $12.43 million | 2016 | Serial | 4% | 106.104 | 0.78%
|
| $12.97 million | 2017 | Serial | 5% | 110.848 | 1.20%
|
| $11,925,000 | 2018 | Serial | 5% | 112.807 | 1.61%
|
| $11,075,000 | 2019 | Serial | 5% | 113.821 | 2.03%
|
| $11.66 million | 2020 | Serial | 5% | 114.253 | 2.40%
|
| $9.05 million | 2021 | Serial | 5% | 114.415 | 2.70%
|
| $7,445,000 | 2022 | Serial | 5% | 114.145 | 2.98%
|
| $3.92 million | 2023 | Serial | 5% | 113.944 | 3.19%
|
| $3.76 million | 2024 | Serial | 5% | 113.728 | 3.36%
|
| $1.97 million | 2025 | Serial | 5% | 112.114 | 3.54%
|
| $2.07 million | 2026 | Serial | 5% | 111.23 | 3.64%
|
| $2,175,000 | 2027 | Serial | 5% | 110.354 | 3.74%
|
| $2.28 million | 2028 | Serial | 5% | 109.572 | 3.83%
|
| $2,395,000 | 2029 | Serial | 5% | 108.797 | 3.92%
|
| $13.69 million | 2034 | Term | 4.25% | 99.332 | 4.30%
|
| $38.95 million | 2044 | Term | 5% | 105.598 | 4.30%
|
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