Lower Colorado River Authority, Texas, to sell $300 million revenue bonds Dec. 3

By Sheri Kasprzak

New York, Nov. 21 - The Lower Colorado River Authority in Texas is gearing up to sell $300 million in series 2008A refunding and improvement revenue bonds on Dec. 3, according to a preliminary official statement.

The bonds (A2/A/) will be sold on a negotiated basis with Morgan Stanley & Co. Inc. as the senior manager. The co-managers are First Southwest Co., Goldman, Sachs & Co., J.P. Morgan Securities Inc., Merrill Lynch & Co., Rice Financial Products and Wachovia Bank.

The bonds are due from 2009 to 2018 with term bonds due 2023, 2028 and 2037.

Proceeds will be used to refund outstanding commercial paper notes and to make a deposit to a debt service reserve fund.

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