Los Angeles prepares $284.54 million wastewater system bond offering

By Sheri Kasprzak

New York, May 24 - The City of Los Angeles plans to price $284,535,000 of series 2013 wastewater system revenue bonds, according to a preliminary official statement.

The offering includes $146.61 million of series 2013A bonds and $137,925,000 of series 2013B refunding bonds.

The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with Siebert Brandford Shank & Co. LLC and J.P. Morgan Securities LLC as the senior managers. The co-managers are BofA Merrill Lynch, Cabrera Capital Markets LLC and Jefferies & Co.

The maturities have not been set.

Proceeds will be used to finance the construction and improvement of the city's wastewater system, as well as to refund outstanding commercial paper.

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