California Department of Water Resources to offer $1 billion of bonds

By Devika Patel

Knoxville, Tenn., Aug. 9 - The State of California Department of Water Resources will price a $1 billion sale of series 2011N power supply revenue bonds on Aug. 17, according to a preliminary statement released by the state.

A retail order period will be held on Aug. 16.

The bonds (AA-) will be structured as serials due from 2012 to 2021.

The notes are being sold by bookrunning senior manager Morgan Stanley and joint senior manager De La Rosa & Co.

Settlement is scheduled for Aug. 31.

Proceeds will be used to repay series 2002A fixed-rate bonds and outstanding variable-rate bonds.

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