Louisiana panel approves $425M in gas and fuel revs

Louisiana’s State Bond Commission approved the issuance of $425 million in gasoline and fuel revenue refunding bonds.

The bonds, tentatively scheduled to price Aug. 18 with JP Morgan serving as lead underwriter, will mature no later than May 1, 2035, and refund Series 2020 gasoline and fuel tax revenue refunding term loan notes.

Public Resources Advisory Group will serve as municipal advisor and Foley & Judell, LLP will be the bond counsel. Oppenheimer and FHN Financial will co-manage the deal, Folse said.

The bonds will be issued on parity with outstanding first lien bonds: Series 2017B, 2020A Notes, 2020 A-2, 2022 A, and 2022 B.

The bonds are payable primarily from taxes on gasoline and motor fuels.

The commission unanimously approved the bonds Thursday.