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    Home»Bonds»Louisiana Bond Commission approves $1 billion gas, fuel tax bond tender
    Bonds

    Louisiana Bond Commission approves $1 billion gas, fuel tax bond tender

    August 16, 2024


    The Louisiana State Bond Commission approved up to $1 billion of gas and fuel tax bonds, $175 million of sewer revenue bonds, and $100 million of New Orleans port bonds Thursday.

    The refunding of state gas and fuel tax bonds will feature a tender offer to holders of $750 million first-lien bonds and holders of $250 million of second-lien bonds. The state plans to ultimately offer an additional tender so that holders of a total of $1.3 billion will be eligible. The remaining tender is delayed because one of the refunding escrows is outstanding until May 1, 2025, said Lela Folse, commission director.

    There is a total of $2.4 billion of gas and fuel tax bonds outstanding, she said. They are composed of variable-rate bonds hedged with interest rate swap agreements, fixed-rate tax-exempt bonds, and fixed-rate taxable bonds. The tender is being offered to Series 2017C, 2020A, and 2020B-1 bonds. In January, the tender is expected to be extended to the Series 2022A bonds.

    Port of New Orleans in 2018
    The Port of New Orleans had a $100 million bond approved by the Louisiana Bond Commission Thursday, one of several bonds the commission approved.

    Bloomberg News

    In the refunding some of taxable bonds with a make whole call provision may be replaced with tax-exempt bonds with a 10-year par call, Folse said.

    For the first tender, the commission plans to post a preliminary official statement and invitation to tender in mid-September and price the bonds in early October, Folse said. The second tender is expected to take place in January and February.

    The commission approved the refunding unanimously.

    Wells Fargo will be the senior manager on the deals, with Morgan Stanley, Oppenheimer, and Blaylock Van the co-managers. Public Resources Advisory Group will be the municipal advisor and Foley & Judell will be the bond counsel.

    In another development at the commission meeting, the commission approved up to $175 million of subordinate lien revenue refunding bonds for the Louisiana Community Development Authority, East Baton Rouge Sewerage Commission. The transaction will refund Series 2020B bonds.

    The deal is to be managed by J.P. Morgan Securities, Stifel, Nicolaus & Co., and Siebert Williams Shank & Co. Butler Snow is the bond counsel.

    The commission also approved the Port of New Orleans selling a $100 million revenue bond deal to refinance the costs of land acquisition as well as rehabilitation, construction and installation of port facilities, including wharf improvements and capital equipment; constructing, acquiring and developing the Louisiana International Terminal and other port improvements; and funding a debt reserve fund.

    The bonds are rated A2 by Moody’s Ratings and A by S&P Global Ratings.

    The bond counsel is Foley & Judell. The underwriting team hasn’t yet been set.



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