New Orleans Industrial Development to price $50 million revenue bonds

By Cristal Cody

Tupelo, Miss., Oct. 6 - The Industrial Development Board of the City of New Orleans expects to price $50 million in revenue bonds for the New Orleans Federal Alliance project later this month, a source said Monday.

The series 2008A bonds (A2/A/A) have serial maturities from 2009 through 2018 and terms due 2023 and 2028.

The bonds are expected to price a few days before the Oct. 30 delivery date, but an exact sale date has not been selected.

Morgan Keegan & Co. is the senior manager of the negotiated sale. Co-managers are Dorsey & Co. and Wachovia Bank, NA.

Proceeds will be used to fund a portion of the costs of developing and constructing a mixed-use development project at the Naval Support Activity for federal and private sector agencies that will include the Marine Force Reserve headquarters and the Marine Corp. Reserve Mobilization Command facilities, which are based in Kansas City, Mo., transient lodging, a gymnasium and a child development center.

Proceeds also will be used for the removal and demolition or rehabilitation of existing facilities on the property and to pay operational expenses and the costs for developing and designing the project.

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