New Issue: Los Angeles offers up $1.39 billion tax and revenue anticipation notes

By Sheri Kasprzak

New York, June 24 – The City of Los Angeles sold $1,386,045,000 of series 2015 tax and revenue anticipation notes, according to a pricing sheet.

The notes (MIG 1/SP-1+/) were sold through Stifel, Nicolaus & Co. Inc. and J.P. Morgan Securities LLC.

The notes are due June 30, 2016 and have a 2% coupon priced at 101.639.

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

Issuer:	City of Los Angeles
Issue:	Series 2015 tax and revenue anticipation notes
Amount:	$1,386,045,000
Maturity:	June 30, 2016
Coupon:	2%
Price:	101.639
Type:	Negotiated
Underwriters:	Stifel, Nicolaus & Co. Inc. and J.P. Morgan Securities LLC (lead), Ramirez & Co. Inc. (co-manager)
Ratings:	Moody’s: MIG 1
	Standard & Poor’s: SP-1+
Pricing date:	June 24
Settlement date:	July 9

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