Los Angeles to sell $446.11 million wastewater system revenue bonds

By Sheri Kasprzak

New York, March 16 - The city of Los Angeles is preparing to price $446.11 million in series 2009A wastewater system revenue refunding bonds, according to a preliminary official statement. The deal is expected to price in March.

The bonds (Aa3/AA/AA) will be sold through senior managers De La Rosa & Co. and Siebert Brandford Shank & Co. LLC. The co-managers include J.P. Morgan Securities Inc.; Goldman, Sachs & Co.; and Jackson Securities Inc.

The bonds are due 2010 to 2029 with term bonds due 2034 and 2039.

Proceeds will be used for capital improvements to the city's wastewater system, as well as for the refunding of commercial paper notes.

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