Los Angeles Water and Power arranges $229 million power system bonds

By Sheri Kasprzak

New York, Dec. 10 – The Department of Water and Power of the City of Los Angeles is set to price $229 million of series 2014E power system revenue bonds, according to a preliminary official statement.

The bonds (Aa3/AA-/AA-) will be sold through senior manager Siebert Brandford Shank & Co. LLC. 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 2035 with term bonds due in 2039 and 2044.

Proceeds will be used to finance capital improvements to the city’s power system.

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