California County Tobacco Securitization plans $95.5 million offering

By Sheri Kasprzak

New York, Oct. 14 – The California County Tobacco Securitization Agency is set to price $95.5 million of series 2014 tobacco settlement asset-backed refunding bonds for the Kern County Tobacco Funding Corp., according to a preliminary official statement.

The bonds (//BBB+) will be sold through underwriter Raymond James/Morgan Keegan.

The bonds are due 2015 to 2024 with term bonds due in 2015, 2023 and 2024.

Proceeds will be used to repay a loan agreement used to issue series 2002 revenue bonds for the Kern County Tobacco Funding Corp.

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