Municipal Improvement of Los Angeles intends to sell $255 million lease revenue bonds

By Sheri Kasprzak

New York, March 28 - The Municipal Improvement Corp. of Los Angeles is set to price $105 million of series 2012 lease revenue bonds, according to a preliminary official statement.

The deal includes $105 million of series 2012A capital equipment lease revenue bonds (A3//A+), $33 million of series 2012B real property lease revenue bonds (A2//A+) and $117 million of series 2012C real property refunding lease revenue bonds (A2//A+).

The bonds will be sold on a negotiated basis with Siebert Brandford Shank & Co. LLC as the senior manager for the 2012A bonds and Loop Capital Markets LLC as the senior manager for the 2012B and 2012C bonds. William Blair & Co. Inc. and Loop are the co-managers for the 2012A bonds, and Siebert and Loop are the co-managers for the 2012B and 2012C bonds.

The maturity dates have not been set.

Proceeds will be used to retire commercial paper and refund the corporation's series 2004 certificates of participation.

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