Southern California Public Power to price late January; Mountain States Health, Lewisville ISD plan deals

By Cristal Cody and Sheri Kasprzak

New York, Jan. 3 - The Southern California Public Power Authority confirmed Thursday that it plans to price three issues of bonds later this month, including bonds for the City of Burbank, the City of Colton and the City of Anaheim.

The taxable bonds have a 30-year term.

"As part of the long-term financing, SCPPA anticipates taking out the existing loan and providing funding for the drilling of additional wells for five years," Craig Koehler, finance and accounting manager for the authority, said in an interview with Prospect News Thursday.

Koehler said that even though the coupons will not be determined until the final pricing, SCPPA's borrowing cost is expected to be just under 6% and the total size of the transaction would be $142 million.

Koehler noted that pricing will be in late January with closing in February.

Bonds set for Anaheim, Burbank

As previously reported in Prospect News, the public power authority plans to price $81.61 million in Natural Gas Project A 2008 taxable revenue bonds (Aa3) for the City of Anaheim to repay a short-term financing from the authority in an effort to refinance the city's share of the natural gas project acquisition and development costs.

The authority also plans to price $43.56 million in bonds (A1) for the City of Burbank and $16.325 million in bonds (A2) for the City of Colton, with proceeds from those bonds also set to refinance their shares of the gas project costs.

Lewisville ISD to price Jan. 14

Coming up, the Lewisville Independent School District of Denton County, Texas, plans an $87.5 million competitive bond sale on Jan. 14.

Southwest Securities is the financial advisor.

The bonds are rated AA by Fitch and AA+ by Standard & Poor's. The unlimited tax school building bonds have serial maturities from 2011 to 2028.

Funds from the sale will be used to construct, renovate and equip school buildings.

Illinois Finance Authority plans $75 million issue

Looking ahead, the Illinois Finance Authority is reportedly planning to price $75 million in commercial paper revenue notes.

On Thursday, Moody's rated the bonds P-1.

The bonds, according to a Moody's release, are set to price Jan. 8.

The bonds are being sold under the DePaul University Financing Program, the Moody's statement said.

Goldman, Sachs & Co. is the lead manager.

The sale could not be confirmed with the Illinois Finance Authority by press time Thursday.

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