California Department of Water Resources plans $350 million of bonds

By Sheri Kasprzak

New York, Feb. 23 - The California Department of Water Resources is expected to sell $350 million of Central Valley project water system revenue bonds, according to a preliminary official statement.

The offering includes $40 million of series AK bonds, $110 million of series AL bonds and $200 million of series AM bonds.

The bonds (Aa1/AAA) will be sold through senior manager BMO Capital Markets LLC. The co-managers are Barclays Capital Inc.; Blaylock Robert Van LLC; Citigroup Global Markets Inc.; De La Rosa & Co. Inc.; Drexel Hamilton LLC; Great Pacific Securities Inc.; Hutchinson Shockey Erley & Co. LLC; Jefferies & Co.; Stone & Youngberg LLC; Morgan Stanley & Co. LLC; Wulff, Hansen & Co.; and US Bancorp Inc.

The AK bonds are due 2013 to 2035 with a term bond, the maturity of which has not been set. The AL bonds are due 2013 to 2029 with a term bond, and the AM bonds are due 2013 to 2025 with a term bond.

Proceeds will be used to refund the department's series 2002X and 2005AC revenue bonds.

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