California Public Works to sell $208.2 million lease revenue bonds

By Sheri Kasprzak

New York, April 13 - The California State Public Works Board is expected to price $208.2 million of series 2012 lease revenue bonds, according to a preliminary official statement.

The deal includes $41.8 million of series 2012B lease revenue bonds (Aa2/AA-/AA) for the Regents of the University of California and $166.4 million of series 2012C lease revenue refunding bonds (A2/BBB+/BBB+) for the Department of Corrections and Rehabilitation.

The bonds will be sold through joint lead managers Stone & Youngberg and De La Rosa & Co. Inc. The co-lead manager is Wedbush Securities Inc.

The co-managers are Backstrom McCarley Berry & Co. LLC, Bank of America Merrill Lynch, Cabrera Capital Markets Inc., Citigroup Global Markets Inc., Fidelity Capital Markets LLC, Greencoast Capital Partners LLC, Oppenheimer & Co. Inc., Seattle-Northwest Corp., Stern Brothers & Co., Sutter Securities Inc., Wells Fargo Securities LLC and Westhoff, Cone & Holmstedt.

The maturity dates have not been set.

Proceeds will be used to construct, acquire and equip buildings for the University of California's Paul Merage School of Business and to renovate Kern Valley State Prison to comply with seismic regulations.

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