California power plants pull $60 million, $50 million bond offerings

By Aaron Hochman-Zimmerman

New York, July 9 - The Sacramento Cogeneration Authority and the Central Valley Financing Authority in California pulled their $60 million and $50 million refunding bond offerings (A1/A+/A), according to Ron Jelicich, Sacramento Municipal Utility District assistant treasurer.

"Market interest rates rose and so the refunding opportunity kind of went away," he said.

The issues are still authorized, but "we're not going to be pricing real soon," he said.

Merrill Lynch & Co. Inc. was scheduled to act as underwriter for both negotiated issues.

Proceeds would have been used to refinance outstanding debt.

The power plants are located in Sacramento, Calif.

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