Los Angeles organizes $1.39 billion offering of short-term notes

By Sheri Kasprzak

New York, June 16 – The City of Los Angeles is expected to price $1,386,045,000 of series 2015 tax and revenue anticipation notes, according to a preliminary official statement.

The notes (MIG1/SP-1+/) will be sold on a negotiated basis with Stifel, Nicolaus & Co. Inc. and J.P. Morgan Securities LLC as the senior managers and Ramirez & Co. Inc. as the co-manager.

The notes are due June 30, 2016.

Proceeds will be used to finance capital improvement projects in the coming fiscal year.

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