By Sheri Kasprzak
New York, July 8 - Los Angeles priced $977.6 million in series 2008 tax and revenue anticipation notes, according to a pricing sheet released by the issuer.
The TRANs (MIG1/SP-1+/F1+), which are due June 30, 2009, were sold in several subseries with several true interest costs.
Goldman, Sachs & Co. was the winning bidder for $140 million and $20 million of the notes, with 1.54583% and 1.54686% true interest costs, respectively. Citigroup Global Markets won $50 million of the notes with a 1.54789% TIC, and Lehman Brothers won $70 million with a 1.54894% TIC. J.P. Morgan Securities Inc. won $200 million of the notes with a 1.54997% TIC, and Banc of America Securities LLC won $50 million of the notes with a 1.55026% TIC. Banc of America also won a $25 million portion of the notes with a 1.55303% TIC. Zions First National Bank won $10 million of the notes with a 1.55516% TIC, and Citigroup won $412.6 million with a 1.5562% TIC.
The 3% notes were priced at par.
The proceeds will be used for expenses until taxes and other revenues are collected.
| Issuer: | Los Angeles
|
| Issue: | Series 2008 tax and revenue anticipation notes
|
| Amount: | $977.6 million
|
| Type: | Competitive
|
| Maturity: | June 30, 2009
|
| Coupon: | 3%
|
| Price: | Par
|
| True interest cost: | 1.54583% (for $140 million); 1.54686% (for $20 million); 1.54789% (for $50 million); 1.54894% (for $70 million); 1.54997% (for $200 million); 1.55026% (for $50 million); 1.55303% (for $25 million); 1.55516% (for $10 million); 1.5562% (for $412.6 million)
|
| Underwriters: | Goldman, Sachs & Co.; Citigroup Global Markets; Lehman Brothers; J.P. Morgan Securities Inc.; Banc of America Securities LLC; Zions First National Bank
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | July 8
|
| Settlement date: | July 15
|
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