Lower Colorado River Authority, Texas, to sell $290.18 million bonds

By Sheri Kasprzak

New York, June 9 - The Lower Colorado River Authority in Texas is scheduled to sell $290.175 million in series 2009 refunding revenue bonds on June 17, according to a preliminary official statement.

The sale includes $175.75 million in series 2009 refunding revenue bonds (A1//A+) and $114.425 million in series 2009 transmission contract refunding revenue bonds (A2//A+).

The bonds will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager. The co-managers include Barclays Capital Inc.; Merrill Lynch & Co. Inc.; Morgan Stanley & Co. Inc.; Citigroup Global Markets Inc.; First Southwest Co.; J.P. Morgan Securities Inc.; Morgan Keegan & Co. Inc.; Ramirez & Co. Inc.; RBC Capital Markets Inc.; Rice Financial Products Inc.; Southwest Securities Inc.; and Wachovia Bank.

The refunding revenue bonds are due 2010 to 2024 with term bonds due 2029, 2034 and 2039. The transmission contract refunding revenue bonds are due 2016 to 2024 with term bonds due 2029 and 2036.

Proceeds from the refunding revenue bonds will be used to refund existing commercial paper notes. Proceeds from the transmission contract bonds will be used to refund the authority's outstanding transmission contract revenue notes.

The Lower Colorado River Authority has its headquarters in Austin, Texas.

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