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Los Angeles prepares $1.32 billion tax and revenue anticipation notes
By Sheri Kasprzak
New York, June 17 - The City of Los Angeles is expected to price $1,324,500,000 of series 2013 tax and revenue anticipation notes, according to a preliminary official statement.
The notes (MIG 1/SP-1+/F1+) will be sold on a negotiated basis with De La Rosa & Co. Inc. and Goldman, Sachs & Co. as the senior managers and Ramirez & Co. Inc. as the co-manager.
The series A notes are due Feb. 27, 2014, the series B notes are due May 1, 2014, and the series C notes are due June 26, 2014.
Proceeds will be used for cash flow management and to prepay pension obligations for the city during the 2013-14 fiscal year.
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