Published on 7/3/2013 in the Prospect News Municipals Daily.
New Issue: Tobacco Settlement Financing, La., prices $659.75 million tobacco debt
By Sheri Kasprzak
New York, July 3 - The Tobacco Settlement Financing Corp. of Louisiana sold $659,745,000 of series 2013A tobacco settlement asset-backed refunding bonds, according to a pricing sheet.
The bonds were sold through Citigroup Global Markets Inc. and Jefferies & Co.
The bonds are due 2016 to 2033 with a term bond due in 2035. The serial coupons range from 5% to 5.5% with 1.21% to 4.98% yields. The 2035 bonds have 5.25% coupon priced at par.
Proceeds will be used to refund all outstanding series 2001B asset-backed tobacco settlement bonds.
| Issuer: | Tobacco Settlement Financing Corp.
|
| Issue: | Series 2013A tobacco settlement asset-backed refunding bonds
|
| Amount: | $659,745,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Jefferies & Co. (lead), BofA Merrill Lynch, Loop Capital Markets LLC, Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC, Southwest Securities Inc., Stephens Inc. and The Williams Capital Group LP (co-managers)
|
| Pricing date: | July 3
|
| Settlement date: | July 10
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $12.8 million | 2016 | Serial | 5% | 110.574 | 1.21%
|
| $13.98 million | 2017 | Serial | 5% | 112.475 | 1.64%
|
| $25,275,000 | 2018 | Serial | 5% | 113.543 | 2.05%
|
| $26,575,000 | 2019 | Serial | 5% | 113.634 | 2.48%
|
| $27,935,000 | 2020 | Serial | 5% | 113.351 | 2.84%
|
| $29.37 million | 2021 | Serial | 5% | 112.992 | 3.12%
|
| $30,875,000 | 2022 | Serial | 5% | 112.539 | 3.35%
|
| $32.46 million | 2023 | Serial | 5% | 111.692 | 3.58%
|
| $34.12 million | 2024 | Serial | 5% | 105.804 | 1.79%
|
| $35.87 million | 2025 | Serial | 5% | 106.712 | 2.54%
|
| $34.4 million | 2026 | Serial | 5% | 106.313 | 3.24%
|
| $3.31 million | 2026 | Serial | 5% | 106.146 | 2.74%
|
| $37,865,000 | 2027 | Serial | 5% | 105.535 | 3.45%
|
| $37,925,000 | 2028 | Serial | 5.5% | 107.456 | 3.80%
|
| $38,175,000 | 2029 | Serial | 5.5% | 106.618 | 4.21%
|
| $38,535,000 | 2030 | Serial | 5.5% | 105.529 | 4.55%
|
| $38,945,000 | 2031 | Serial | 5.25% | 102.643 | 4.84%
|
| $39,415,000 | 2032 | Serial | 5.25% | 102.121 | 4.95%
|
| $39.99 million | 2033 | Serial | 5.25% | 101.906 | 4.98%
|
| $81,925,000 | 2035 | Term | 5.25% | 100 | 5.25%
|
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