BATON ROUGE, LA – An online auction was held Tuesday at a special meeting of the State Bond Commission to raise $187 million in general obligation (G.O.) bond proceeds that will finance construction projects across Louisiana, State Treasurer John Kennedy announced.

“I’m pleased with the interest rate we received on this borrowing,” said Treasurer Kennedy. “This bond issue will allow us to replenish the money needed to continue funding construction projects important to so many areas of the state.”

Nine investors competed for the bonds. The winning bid was awarded to Bank of America-Merrill Lynch at an interest rate of 2.655220%.

The state uses an online bidding system that allows investors to change their bids until seconds before the deadline. The online bidding system allows the state to benefit from the most cost-effective interest rate.

The General Obligation Bonds will fund hundreds of projects. View the project list under item 39 at http://www.treasury.state.la.us/Lists/Calendar/Attachments/209/07-21-16%20Posted%20Agenda.pdf.

Contact:
Michelle Millhollon
(225) 342-0012
mmillhollon@treasury.state.la.us