BATON ROUGE, LA – The state of Louisiana went to market this week and sold $803 million in Gasoline & Fuels Refunding Tax Revenue Bonds, resulting in $100 million gross savings for taxpayers, according to State Treasurer John Kennedy.
“This bond sale takes full advantage of the fleeting window of opportunity in the market right now by refinancing outstanding state debt at a significantly lower interest rate,” said Treasurer Kennedy. “It will save the state approximately $4.4 million per year over the next 23 years.”
The underwriting team for the bond sale included Citi Group, Stephens, Loop Capital, Dorsey, Morgan Keegan and Jeffries. Bond counsel was Foley & Judell, and underwriters counsel was Breazeale Sachse.
The State Bond Commission will ratify the transaction at their next regular meeting on May 17, 2012.
For more information, visit www.LATreasury.com