Published on 7/1/2010 in the Prospect News Municipals Daily.
New Issue: Los Angeles releases more information on $1.17 billion TRANs sale
By Sheri Kasprzak
New York, July 1 - The City of Los Angeles released some extra details on its $1.165 billion in series 2010 tax and revenue anticipation notes, said a market source familiar with the deal.
The 2% notes (MIG 1/SP-1+/F1+) were sold Wednesday 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.
As previously reported, 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.
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: | $1,165,030,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. and Bank of America Merrill Lynch (leads), 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 | Coupon | Price
|
| March 31, 2011 | $291.945 million | Term | 2% | 101.055
|
| April 21, 2011 | $266.145 million | Term | 2% | 101.095
|
| May 31, 2011 | $316.41 million | Term | 2% | 101.068
|
| June 30, 2011 | $290.53 million | Term | 2% | 101.115
|
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