LSBC Readies $173M Refunding

The Louisiana State Bond Commission will consider details and select underwriters and bond counsel for a planned refunding of up to $173 million of state gasoline and fuels tax revenue bonds at its meeting Thursday.

The bonds will refund a portion of the $138 million of revenue bonds issued in 2006 that will mature in May 2036 and $35 million set to mature in May 2041.

Christopher Hick and Mike Leffler of Citi, which holds the bonds, asked at a meeting in February for the refunding issue to extend the call dates on the bonds to 2023 from 2016. Citi offered a payment to the state of $10 million for the longer call date on the 5% bonds.

Treasurer John N. Kennedy, who chairs the Bond Commission, suggested a $12 million payment. The commission will also get its first look at a proposed $300 million state general obligation bond issue that would go to market before the end of fiscal 2013

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Transportation industry Louisiana
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