Published on 8/5/2015 in the Prospect News Municipals Daily.
New Issue: Louisiana Public Facilities brings $114.8 million Ochsner Clinic bonds
By Sheri Kasprzak
New York, Aug. 5 – The Louisiana Public Facilities Authority sold $114.8 million of series 2015 refunding revenue bonds for the Ochsner Clinic Foundation, said a pricing sheet. The deal was downsized from $269,545,000.
The bonds (Baa1//BBB+) were sold through Citigroup Global Markets Inc.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2047. The serial coupons range from 2% to 5% with yields from 0.70% to 4.07%. The 2040 bonds have a 4.25% coupon and priced at 97.746 to yield 4.40%, and the 2047 bonds have a 5% coupon and priced at 105.595 to yield 4.29%.
Proceeds will be used to refund the authority’s series 2007A-B and 2011 revenue bonds issued for the foundation.
| Issuer: | Louisiana Public Facilities Authority/Ochsner Clinic Foundation
|
| Issue: | Series 2015 refunding revenue bonds
|
| Amount: | $114.8 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody’s: Baa1
|
| Fitch: BBB+
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,985,000 | 2016 | Serial | 2% | 100.952 | 0.70%
|
| $2.04 million | 2017 | Serial | 3% | 103.169 | 1.15%
|
| $2,095,000 | 2018 | Serial | 3% | 104.004 | 1.50%
|
| $2,175,000 | 2019 | Serial | 4% | 107.987 | 1.78%
|
| $2.26 million | 2020 | Serial | 4% | 108.473 | 2.11%
|
| $2,365,000 | 2021 | Serial | 5% | 113.794 | 2.41%
|
| $2.49 million | 2022 | Serial | 5% | 113.481 | 2.79%
|
| $2.1 million | 2023 | Serial | 5% | 114.231 | 2.93%
|
| $2.21 million | 2024 | Serial | 5% | 114.192 | 3.13%
|
| $2.33 million | 2025 | Serial | 5% | 114.052 | 3.30%
|
| $2.45 million | 2026 | Serial | 5% | 112.368 | 3.49%
|
| $2.57 million | 2027 | Serial | 5% | 111.581 | 3.58%
|
| $2.7 million | 2028 | Serial | 5% | 110.713 | 3.68%
|
| $2.84 million | 2029 | Serial | 5% | 109.94 | 3.77%
|
| $2,985,000 | 2030 | Serial | 5% | 109.343 | 3.84%
|
| $3.14 million | 2031 | Serial | 5% | 108.834 | 3.90%
|
| $3,305,000 | 2032 | Serial | 5% | 108.412 | 3.95%
|
| $3.47 million | 2033 | Serial | 5% | 107.992 | 4.00%
|
| $3.65 million | 2034 | Serial | 5% | 107.741 | 4.03%
|
| $3.84 million | 2035 | Serial | 5% | 107.408 | 4.07%
|
| $21.74 million | 2040 | Term | 4.25% | 97.746 | 4.40%
|
| $40.06 million | 2047 | Term | 5% | 105.595 | 4.29%
|
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