California Department of Water Resources intends to price $2 billion revenue bonds May 5

By Cristal Cody

Tupelo, Miss., April 28 - The California Department of Water Resources expects to bring to market $2 billion in power supply revenue bonds on May 5, according to a state sale calendar.

The series 2010L bonds (Aa3/AA-/AA-) also will be offered through a retail order period May 3 to May 4.

The bonds have serial maturities from 2011 though 2022, according to a preliminary official statement.

The senior managers of the negotiated sale are Morgan Stanley & Co. Inc.; E.J. De La Rosa & Co., Inc. and J.P. Morgan Securities Inc.

The co-managers are Barclays Capital Inc.; BMO Capital Markets GKST Inc.; BNY Mellon Capital Markets, LLC; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; City National Securities, Inc.; Edward D. Jones & Co., LP; Estrada Hinojosa & Co., Inc.; Fidelity Capital Markets; Finacorp Securities; FirstSouthwest Co.; George K. Baum & Co.; Goldman Sachs & Co.; Great Pacific Securities; Lam Securities Investments, Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Stone & Youngberg; Sutter Securities Inc.; Wells Fargo Securities Inc.; Westhoff, Cone & Holmstedt and Wulff, Hansen & Co.

The proceeds will be used to refund outstanding fixed-rate and variable-rate bonds.

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