Los Angeles to sell $300 million of wastewater revenue refunding bonds

By Sheri Kasprzak

New York, April 24 - The City of Los Angeles is set to price $300 million of series 2012 wastewater system revenue refunding bonds, according to a preliminary official statement.

The deal will include series 2012A senior lien revenue refunding bonds (Aa2/AA+/AA+) and series 2012B subordinate revenue refunding bonds (Aa3/AA/AA). The exact breakdown of the tranches was unavailable Tuesday.

The bonds will be sold on a negotiated basis with J.P. Morgan Securities LLC, Jefferies & Co. and Loop Capital Markets LLC as the senior managers.

The maturity dates have not been set.

Proceeds will be used to refund existing bonds for a debt service savings.

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