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Los Angeles to sell $497.01 million of G.O. bonds in two tranches
By Sheri Kasprzak
New York, July 12 - The City of Los Angeles plans to price $497.01 million of series 2011 general obligation and G.O. refunding bonds during the week of July 18, according to a preliminary official statement.
The offering includes $117 million of series 2011A G.O. bonds, which will price on July 19, and $380.01 million of series 2011B G.O. refunding bonds, which will price on July 21.
The 2011A bonds are due 2012 to 2031, and the 2011B bonds are due 2012 to 2023.
The bonds (Aa3/AA-/AA-) will be sold competitively with Public Resources Advisory Group and Acacia Financial Group Inc. as the financial advisers.
Proceeds will be used to pay the costs of storm water pollution abatement projects, as well as to refund existing debt.
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