By Sheri Kasprzak
New York, June 30 - The City of Los Angeles priced $1.165 billion in series 2010 tax and revenue anticipation notes, said a market source familiar with the deal.
The full terms of the offering could not be ascertained by press time Wednesday.
The notes (MIG 1/SP-1+/F1+) were sold through J.P. Morgan Securities Inc. and Bank of America Merrill Lynch with Loop Capital Markets LLC and RBC Capital Markets Corp. as the co-managers.
The offering included $291.945 million in notes due March 31, 2011; $266.145 million in notes due April 21, 2011; $316.41 million in notes due May 31, 2011; and $290.53 million in notes due June 30, 2011.
The coupons could not be determined by press time, but the initial offering price for the March 2011 notes is 101.055 and the initial price for the April 2011 notes is 101.095. The initial price for the May 2011 notes is 101.068 and the initial price for the June 2011 notes is 101.115.
Proceeds will be used to fund general operating expenses for the 2010-2011 fiscal year.
| Issuer: | City of Los Angeles
|
| Issue: | Series 2010 tax and revenue anticipation notes
|
| Amount: | $1.165 billion
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Bank of America Merrill Lynch (lead), Loop Capital Markets LLC and RBC Capital Markets Corp. (co-managers)
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | June 30
|
| Settlement date: | July 8
|
|
|
| Maturity | Amount | Type | Price
|
| March 31, 2011 | $291.945 million | Term | 101.055
|
| April 21, 2011 | $266.145 million | Term | 101.095
|
| May 31, 2011 | $316.41 million | Term | 101.068
|
| June 30, 2011 | $290.53 million | Term | 101.115
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
