Lower Colorado River Authority, Texas, readies $491.63 million sale of series 2012 refunding bonds

By Sheri Kasprzak

New York, Nov. 20 - The Lower Colorado River Authority of Texas plans to sell $491.63 million of series 2012 refunding revenue bonds, said a preliminary official statement.

The deal includes $289,525,000 of series 2012A bonds and $202,105,000 of series 2012B bonds.

The bonds (A1/A/A) will be sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers are Barclays, Morgan Stanley & Co. LLC, BMO Capital Markets LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Rice Financial Products Co., Southwest Securities Inc. and Wells Fargo Securities LLC.

The 2012A bonds are due 2013 to 2033 with term bonds due in 2036 and 2039. The 2012B bonds are due 2013 to 2033 with a term bond due in 2037.

Proceeds will be used to refund the authority's series A-B commercial paper notes.

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