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Orange County, Calif., organizes $268.5 million sale of taxable pension obligation bonds
By Sheri Kasprzak
New York, Jan. 3 - Orange County, Calif., is expected to price $268.5 million of series 2013A taxable pension obligation bonds, according to a preliminary official statement.
The bonds (Aa3/A+/AA/F1+) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager.
The bonds are due 2013 to 2014.
Proceeds will be used to refund the county's series 2013 debenture, which was used to finance unfunded pensions for county employees.
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