California details $2.4 billion sale of bonds slated to price March 14

By Sheri Kasprzak

New York, March 5 - The State of California is scheduled to price $2.4 billion of general obligation bonds on March 14, according to a preliminary official statement.

The deal includes $1.09 billion of series 2013A various purpose G.O. bonds, $1 billion of series 2013B various purpose G.O. refunding bonds and $310 million of series 2013C taxable various purpose G.O. bonds.

The bonds (A1/A/A-) will be sold on a negotiated basis with J.P. Morgan Securities LLC and Goldman, Sachs & Co. as the senior managers. The co-managers are Jefferies & Co., Academy Securities Inc., Barclays, Blaylock Robert Van LLC, BMO Capital Markets LLC, BofA Merrill Lynch, Cabrera Capital Markets LLC, Citigroup Global Markets Inc., City National Securities Inc., De La Rosa & Co., Drexel Hamilton LLC, Edward D. Jones & Co. LP, Fidelity Capital Markets Inc., Great Pacific Securities Inc., Hutchinson Shockey Erley & Co. Inc., Loop Capital Markets LLC, Mesirow Financial Inc., Morgan Stanley & Co. LLC, Piper Jaffray & Co., Prager & Co. LLC, Ramirez & Co. Inc., RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, SL Hare Capital Inc., Southwest Securities Inc., Stone & Youngberg, US Bancorp Investments Inc., Wedbush Morgan Securities Inc., Wells Fargo Securities LLC and William Blair & Co.

The maturities have not been set.

Proceeds will be used to fund capital projects.

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