Louisiana panel clears way for $1 bln in bonds
MIAMI, May 17 (Reuters) - The Louisiana Bond Commission on Thursday approved the sale of as much as $1 billion of tax-free bonds to build an energy complex and also cleared the way for other large municipal debt sales.
The state debt watchdog meeting in Baton Rouge, Louisiana, gave the Lake Charles Harbor and Terminal District the go-ahead to finance the Lake Charles Cogeneration LLC Project with bonds with a maximum maturity of 30 years, according to a spokeswoman.
The facility will be built by Lake Charles Cogeneration LLC, a subsidiary of Leucadia National Corp. (LUK.N), and will employ about 150 people after construction involving an estimated 1,400 workers, according to commission documents.
Underwriters on the deal, which will involve issuance costs of $23.5 million, will be Wachovia Bank, National Association and Morgan Keegan & Co. Inc., according to commission documents.
The commission also approved the sale of $200 million of revenue bonds by the Louisiana Public Facilities Authority for a refinery-related project in Garyville, Louisiana. The underwriter on that deal will be Goldman, Sachs & Co., according to commission documents.
In other actions, the commission approved the sale of $100 million of single-family mortgage revenue bonds by the Louisiana Housing Finance Agency and $201 million of refunding revenue and revenue bonds by the Louisiana Offshore Terminal Authority Deepwater Port, according to the spokeswoman.
