Municipal Improvement Corp., Los Angeles, to sell $109.06 million bonds

By Sheri Kasprzak

New York, April 13 - The Municipal Improvement Corporation of Los Angeles is gearing up to price $109.06 million in series 2009 lease revenue bonds on Wednesday, according to a sales calendar.

The deal includes $56.83 million in series 2009A bonds (A2/AA-/AA-) and $52.23 million in series 2009B bonds (A1/AA-/AA-).

The lead manager for the series 2009A bonds is Citigroup Global Markets Inc. The senior manager for the 2009B bonds is Siebert Brandford Shank & Co. LLC. Estrada Hinojosa & Co. is the co-manager.

The 2009A bonds are due 2010 to 2019 and the 2009B bond are due 2010 to 2023 with term bonds due 2028 and 2039.

The proceeds will be used to repay commercial paper notes, to pay for capital improvements and to pay for real property.

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