California to sell $1.3 billion of general obligation bonds

By Cristal Cody

Tupelo, Miss., April 9 - The State of California expects to sell $1.3 billion of various purpose general obligation bonds later in the week, according to the state treasurer's office.

The bonds (A1/A-/A-) will price in two tranches of G.O. bonds and G.O. refunding bonds through a negotiated sale on Thursday.

Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley are lead managers. Fidelity Capital Markets is co- senior manager.

Co-managers are Alamo Capital; Barclays Capital; Blaylock Robert Van, LLC; City National Securities, Inc.; De La Rosa & Co.; Edward D. Jones & Co., LP; Goldman, Sachs & Co.; Great Pacific Securities; Grigsby & Associates, Inc.; J.P. Morgan Securities LLC; Jefferies & Co.; Loop Capital Markets LLC; O'Connor & Company Securities; Prager & Co., LLC; Ramirez & Co., Inc.; Raymond James & Associates, Inc.; RBC Capital Markets Corp.; Roberts & Ryan Investments; Siebert Brandford Shank & Co., LLC; SL Hare Capital, Inc.; Southwest Securities, Inc.; Stone & Youngberg; US Bancorp; Wedbush Morgan Securities and Wells Fargo Securities LLC.

Proceeds will be used to fund construction projects and to refund and advance refund some of the state's outstanding general obligation bonds for debt service savings.

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