California Water Resources arranges $765 million power supply offering

By Sheri Kasprzak

New York, March 25 – The California Department of Water Resources is set to price $765 million of series 2015O power supply revenue refunding bonds during the week of March 30, according to a preliminary official statement.

The bonds (Aa2/AA/AA+) will be sold on a negotiated basis with J.P. Morgan Securities LLC and RBC Capital Markets LLC as the joint bookrunners and Wells Fargo Securities LLC as the co-senior manager. The co-managers are Academy Securities Inc., Alamo Capital, Backstrom McCarley Berry & Co. LLC, Blaylock Beal Van LLC, BMO Capital Markets, Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Goldman, Sachs & Co., Mischler Financial Group, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co.

The bonds are due 2021 to 2022.

Proceeds will be used to refund the department’s series 2008H and 2010L power supply revenue bonds.

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