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Los Angeles Water and Power organizes $450 million offering of bonds
By Sheri Kasprzak
New York, Oct. 2 – The Department of Water and Power of the City of Los Angeles is set to price $450 million of series 2014D power system revenue bonds, according to a preliminary official statement.
The bonds (Aa3/AA-/AA-) will be sold on a negotiated basis with RBC Capital Markets LLC and J.P. Morgan Securities LLC as the senior managers. The co-managers are Cabrera Capital Markets LLC, Citigroup Global Markets Inc., Loop Capital Markets LLC and U.S. Bancorp Investments Inc.
The bonds are due 2019 to 2034 with term bonds due in 2039 and 2044.
Proceeds will be used to finance capital improvements to the city’s power system as part of the department’s power integrated resource plan.
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