California Department of Water Resources to sell $195.97 million Central Valley project bonds

By Sheri Kasprzak

New York, Oct. 20 - The California Department of Water Resources is slated to sell $195.965 million in Central Valley project water system revenue bonds, according to a preliminary official statement.

The offering includes $97.33 million in series AH bonds and $98.635 million in series AI bonds.

The bonds (Aa2/AAA/) will be sold through De La Rosa & Co. Inc. and Jefferies & Co. The co-managers include Alamo Capital, Fidelity Capital Markets LLC, Jackson Securities Inc., J.P. Morgan Securities LLC, Ramirez & Co. Inc., RBC Capital Markets Corp., RH Investment Corp., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and the Williams Capital Group LP.

The series AH bonds are due 2012 to 2035, and the series AI bonds are due 2012 to 2029.

Proceeds will be used to refund series W, X, AC and AD Central Valley project water system revenue bonds, as well as retire the department's commercial paper notes.

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