By Cristal Cody
Tupelo, Miss., April 10 - The City of Los Angeles sold $277.7 million of series 2012A general obligation refunding bonds on Tuesday at a true interest cost of 2.23%, an informed market source said.
The bonds (Aa3/AA-/AA-) were sold on a competitive basis with Barclays Capital Inc. as the winning bidder.
The bonds priced with 3% to 5% coupons to yield 0.69% to 3% over the maturities from 2013 through 2025.
Public Resources Advisory Group and KNN Public Finance were financial advisers.
Proceeds will be used to refund the city's series 2004A, 2005A and 2006A G.O. bonds.
| Issuer: | City of Los Angeles
|
| Amount: | $277.7 million
|
| Issue: | General obligation refunding bonds
|
| Maturities: | 2013-2025
|
| Type: | Competitive
|
| True interest cost: | 2.23%
|
| Coupons: | 3%-5%
|
| Yields: | 0.69%-3%
|
| Underwriter: | Barclays Capital Inc.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | April 10
|
| Settlement: | May 2
|
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